The financing round from EGV will help Profluo strengthen its platform and become the most trusted ally for accountants in their continuous struggle against manual work”.
By using a proprietary machine-learning engine, trained on hundreds of thousands of documents, Profluo reads the complete details of documents and validates them, and can quickly learn to suggest how the documents should be posted in any accounting system, including details of stock management, financial accounting or controlling.
“The routine activities of the accounting profession – processing and posting accounting documents – are great time wasters and generate material errors in the accounting systems. Profluo is one of the most powerful technologies through which accountants, using machine learning, can post primary documents and their corresponding accounting notes with unprecedented speed, accuracy and details. Thus, Profluo contributes to a strong reduction in wasted time and accounting errors usually associated with manual data entry and to easier compliance with the increasingly detailed statutory reporting requirements (like SAF-T), helping accountants to focus on higher value-added activities for their clients or employers,” stated Bogdan Nafornita, founder and CEO of Profluo.
DLA Piper provided legal assistance for the transaction.
Profluo was founded in 2016 by Bogdan Nafornita and Cosmin Merișescu, both executives with outstanding experience in the field of developing systems for automating financial-accounting processes.
Early Game Ventures is a venture capital firm funded mostly through the Competitiveness Operational Program 2014-2020, co-funded by the European Regional Development Fund.