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Candis raises $14m for AI in accounting software

Article ImageHopes to handle most European accounting processes

Berlin-based automated accounting and payment processing startup Candis has raised €12m ($14m) in a Series B funding round.

The company said that it plans to use the funds to expand in Europe, and further develop its machine learning platform.

Doing the paperwork

According to Candis, its artificial intelligence platform can automate more than 80 percent of classic accounting processes, including manual bookkeeping, accounting processes, and B2B payments for mid-market companies.

The platform can automatically collect bookkeeping documents from various sources, classify and authenticate the data, generate approval processes and real-time-insights, and payments for accounts payables.

All data is stored on ISO-certified servers in Germany.

"Our machine-learning based technology disrupts a whole industry, in which the majority of tasks are still very manual,” co-founder and MD Christian Ritosek said. “The pattern recognition engine automates accounting workflows and empowers companies with real-time data and insights to make better financial decisions."

Candis claims its business has grown by 500 percent since it last raised money in 2018, in spite of competition from companies like Botkeeper. This round was led by Viola Ventures and Rabo Frontier Ventures, the investment arm of Rabobank.

Existing investors also participated, including Lightspeed Venture Partners, Point Nine Capital, Speedinvest (the Commerzbank incubator), and 42CAP.

"SMBs in Central Europe have a void when it comes to efficient and effective accounting and financial processes," said Omry Ben David, partner at Viola.

"Candis is well-positioned to become the go-to platform in Europe for the automation of bookkeeping, accounting, and payment processes, as well as for the provision of financial insights and benchmarks.”

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