Parisian business financial intelligence platform Corporatings has raised €2 million in a Seed round that’s aimed at supporting the platform’s continued development, including a recruitment push and commercial acceleration of the startups’ offerings.
Let’s call it like it is: reading financial reports and associated information to mine the diamonds in the rough is a task that save for a select few, none of us look forward to. And to be fair, those that do look forward to it, and can gleam the cube are handsomely rewarded for their distillations.
But, and this is the hypothetical but (as opposed to Kim Kardashian’s), what if there was a solution that offered the power of AI plus a series of interfaces that don’t require a Ph.D. to use, read, and understand, to garner the same, if not more, and with higher accuracy, results?
Et voilà, congrats, you now have a grasp on what Corporatings is up to.
"We created Corporatings with the ambition to help financial professionals to access all the information available. In this way, we contribute to the construction of an ecosystem where information generates value for all, thanks to the transparency of data and its communication," further elaborates Corporatings CEO Alexandre Prat-Fourcade, CFA.
Taking a look down the barrel, with its Prism solution Corporatings is aiming to give auditors, corporate accounting departments and accountants further defined data via a review and analysis of pre-publication data service.
Likewise via its Lens solution (picking up on the optics nomenclature here?) auditors, investor relations supervisors, C-suite executives, and just about anyone involved in financial analysis, the viewfinder to corral hundreds of millions of data items on global companies, either by providing the data directly or by performing benchmarks, as just one example.
"Corporatings' professionalism, as well as its ability to adapt to regulatory changes and to anticipate our needs, grants us continuous access to an innovative and efficient audit solution which stands out from the other solutions currently on the market," commented KPMG France’s Xavier Niffle.
Elaia Partners led the €2 million Seed round with 50 Partners, VAeX Capital Partners (with former Boursorama CEO Vincent Taupin and Edmond de Rothschild), and angel investors including the founders and executive leaders of Quantalys as well as certain members of the Efrei Business Angels network all showing their support.
Elaia’s Céline Passedouet commented, "We are glad to support Corporatings, which chose the right time to target a market that has experienced too little technological innovation with a strong technology to tackle the issue of automating the reading of financial (and soon extra-financial) reports. Corporatings has the right team to successfully carry out this project with a proper technological and business complementarity, as well as a strong ambition."