Rise of the AI accountants: Smacc's technology automates all financial processes

Accountants all over the world will soon face stiff competition: artificial intelligence. A new startup that specializes in automating financial processes through AI has secured 3.5 million in venture capital from Cherry Ventures, Rocket Internet, Dieter von Holtzbrinck Ventures, Grazia Equity and angel investors. Smacc, founded by businessmen Uli Erxleben, Janosch Novak and Stefan Korsch, have created a self-learning program renders the need for a team of human accountants obsolete. SEE ALSO: Tech giant's CEO warns of AI apocalypse: 'The Singularity is coming' "Now you have all you need for liquidity planning and revenue/expense reports close to real-time in the tool w/o the need to input data yourself or wait for your external account to do it for you at month's end," Mr. Erxleben told Tech Crunch on Tuesday. The trio's business model echoes the work of companies like Thoughtly, which uses AI to allow customers to analyze, visualize and summarize large volumes of data in real time.