Cloud accounting software startup Smacc has raised €3.5 million in Series A funding from Cherry Ventures, Rocket Internet, Dieter von Holtzbrinck Ventures, Grazia Equity, and a number of angel investors.

The Potsdam-based company uses AI to automate the accounting and financial processes for small and medium sized enterprises. The company’s proprietary technology uses machine learning to continuously improve the automation process and provide real time financial transparency.

Customers’ financial data is secured with “state-of-the-art” encryption, according to the startup, and stored in data centres in Germany.

“The capital from the financing round will be used to expand our proprietary technology platform and further accelerate growth,” said cofounder Janosch Novak. It will also continue to build out its sales and marketing teams.

Novak founded the company last year along with cofounders Dr Ulrich Erxleben and Stefan Korsch.

“From our perspective, the software’s high level of innovation, coupled with the comprehensive expertise of the founding team, puts Smacc in an excellent starting position to sustainably change the accounting market through technology”, said Filip Dames, founding partner at Cherry Ventures.

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