Goodbye accountants! Startup builds AI to automate all your accounting

Smacc, which uses AI to automate accounting, has secured a 3.5 million Series A round from Cherry Ventures, Rocket Internet, Dieter von Holtzbrinck Ventures, Grazia Equity and business angels. Smacc offers small and medium-sized enterprises a platform to digitize and automate accounting and financial processes. The founding trio Uli Erxleben, Janosch Novak and Stefan Korsch came up with the idea after find accounting to be the most painful part of their own startup. Erxleben managed Rocket Internet's US ventures in New York and San Francisco, and is also the founder of Berliner Berg, a craft beer startup. Customers submit their receipts to Smacc, which turns them into a machine-readable format, encrypts them, then allocates them to an account.