Belgian startup Ravical has raised $17 million in a seed round led by MMC Ventures. Existing backers Lakestar and Pitchdrive also put money in, and new investor Shapers joined the round. The company builds AI software for accounting and tax firms, and says more than 100 firms in Europe already use it.
What problem is Ravical trying to solve?
The pitch rests on a simple problem. A firm's expertise shouldn't live in the heads of a few people. Ravical captures how a firm's most experienced staff judge cases and offer advice. Its AI then applies that same approach to every client, so managers can spot risks and opportunities across the entire client base.
Chief executive Joris Van Der Gucht put the problem in plain terms. "When every employee uses their own assistant in their own way, the individual gets better, but the firm doesn't."
Why are accounting firms turning to AI?
Ravical argues that accounting firms can no longer grow simply by hiring. Demand for their work is rising, but fewer graduates are becoming accountants, and skilled staff is scarce. Clients are also turning to AI on their own. According to Ravical's own survey, 70% of small and medium-sized UK businesses act on advice from AI without checking with their accountant.
The new money will go toward growth in Belgium, Germany, the Netherlands and the UK. The company also plans to expand across Europe and launch in the US.
Van Der Gucht founded Ravical with chief technology officer Ken Bastiaensen and chief product officer Benjamin Vandermarliere. He previously co-founded Silverfin, a cloud platform for accountants that was later bought by Norwegian software group Visma.
How does Ravical differ from other accounting AI startups?
Mina Samaan, a general partner at MMC Ventures, compared the opportunity to legal AI, where startups such as Legora have raised large sums. Most AI startups in accounting tackle one task at a time, Samaan said, while Ravical aims to work across a whole firm.
"Accounting hasn't had its Harvey or Legora moment yet," Samaan said. "Most of the AI startups we've met in the space are building point solutions for a single task or workflow."
This article was written with the assistance of AI.
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