Zeitgold, a Berlin, Germany-based developer of AI powered financial management technology platform for small businesses, raised €4.2m in seed funding.
Backers included Battery Ventures and Holtzbrinck Ventures.
The company intends to use the funds to further develop its technology and make the product accessible to a wider group of customers in Germany and beyond.
Co-founded by Stefan Jeschonnek, Jan Deepen and Kobi Eldar, Zeitgold provides a complete solution for financial administration of small businesses. The platform processes the documents, archives them, takes care of bookkeeping, payroll, invoice payment and collections, and forwards all data to the business’s tax advisor for year-end closing. The core of Zeitgold is an artificial intelligence (AI) engine, which generates a digital representation of the business’s financial activity from untagged paper documents, using self-learning text analytics and classification technology. The AI operates as a human-machine hybrid, in which a team of accounting experts trains the algorithms.