Sumary raised $25 million in seed financing to expand its AI accounting platform, targeting more European firms as it says staffing shortages leave accountants with less time to advise clients.
Venture firm Singular led the round. Existing investors byFounders, Partech and Tenity also invested, Sumary said in a Nov. 10 announcement.
Sumary says it prepares recurring accounting work within the ledgers firms already use. Accountants check and approve the system’s output.
Sumary said firms in the Nordics and the United Kingdom already use the platform. It plans to expand into the Benelux region, add to its commercial team and hire more accountants to support customers, while continuing research.
The company describes a staffing gap as a problem for accounting firms: it says they have more work than people to handle it, and preparation tasks take time away from advising clients. Sumary plans to present more of its product on Thursday, Nov. 12.
