Zeitgold, a Berlin, Germany-based provider of an AI powered finance solution for SMEs, raised €10m in funding.
Backers included Saban Ventures, AXA, Deutsche Bank and btov Partners.
The company intends to use the funds to broaden its user base through commercial partnerships with AXA and Deutsche Bank.
Founded in 2015 and led by Stefan Jeschonnek, Zeitgold provices an app which combines human expertise with artificial intelligence to allow small companies such as owners of cafes, restaurants, small retailers or craft businesses (who ususally have 3 to 20 employees), to manage preparatory accounting and other administrative tasks and run their business easily.
The app app covers all areas of a business’s finance processes. In details, the system features:
– a digital, real-time and compliant cash journal,
– a tool to automate preparatory bookkeeping,
– a document archive,
– payments tools to manage open invoices,
– tools to manage personnel master data and pay employees,
Other backers in the company include Holtzbrinck Ventures and Battery Ventures.