AUDAVIS, the Munich-based startup specialising in AI-driven auditing options, has secured over €1.1 million in seed funding to boost its flagship product the “Synthetic Auditor”.
Along with enterprise angel and unicorn investor Martin Ostermayer, whose investments embody SumUp, non-public traders from the BayStartUP investor community are additionally collaborating.
“Our multi-layered AI system leverages cutting-edge distributed computing and federated deep studying. With the AUDAVIS Synthetic Auditor as a co-pilot, we enhance auditors’ effectivity by as much as 60% throughout annual audits, attaining unparalleled audit depth right down to particular person bookings. Moreover, corporations can make the most of AUDAVIS for inner audits, enabling steady auditing,” says Benjamin Aunkofer, Chief AI Officer and co-founder.
Based in 2023 by Benjamin Aunkofer, Philipp Roebruck, and Otrek Wilke, AUDAVIS is aiming to place itself as a frontrunner in monetary information transparency and audit expertise. The corporate’s strategy combines federated deep studying and distributed computing to ship precision and effectivity in auditing.
With this new funding, AUDAVIS is ready to speed up its improvement, aiming to ascertain its “Synthetic Auditor” because the trade commonplace for AI-driven audits.The “Synthetic Auditor” leverages AIaaS expertise to help in annual audits and the continual verification of economic transaction high quality.
Focusing on audit companies and huge firms, AUDAVIS goals to streamline auditing processes by guaranteeing information accuracy, consistency, and danger mitigation. The answer analyses monetary information, akin to orders, invoices, and funds, to establish anomalies and potential monetary dangers.
Based on AUDAVIS, the worldwide auditing trade faces a major scarcity of expert professionals, rising the strain on inner auditors and CFOs to detect and assess monetary dangers precisely. AUDAVIS addresses this hole by automating routine duties, permitting professionals to concentrate on higher-level decision-making.
Johannes Dierkes, Funding Supervisor at HTGF, highlighted the corporate’s potential: “With AUDAVIS, a really well-connected and technically deep-rooted founding workforce meets a horny market. We see nice potential for AUDAVIS to turn out to be the trade commonplace and a must have software for AI-driven auditing.”
Along with audit companies, AUDAVIS has attracted curiosity from firms in search of to enhance their inner auditing processes. Its scalable cloud software integrates with ERP and accounting programs, getting ready information for complete audit checks and aligning with trade requirements.
This milestone underscores the rising position of AI in addressing important enterprise capabilities and displays the rising demand for dependable and environment friendly auditing options. As AUDAVIS continues to develop its choices, it’s poised to play a pivotal position in shaping the way forward for auditing expertise.
