Profluo, a startup that builds machine learning technology for the automatic processing of accounting documents, has reached a total investment of €625,000 less than a year after completing its first seed round.
Along with Early Game Ventures, the main VC investor, a series of angel investors recently joined, including Bogdan Stanciu and Andreea Pipernea from the Bravva Angels community and Cătălin Madan.
Founded by specialists with experience in document processing automation solutions of any type, Profluo has a strong focus on accounting documents, currently managing to process an invoice in less than 5 seconds, with an accuracy of 90 %.
Initially focusing on product development, Profluo has now the ability to accelerate revenues growth. Thus, in the last 7 months the company has increased its revenues by 400% and tripled its sales team.
The company plans to double the technical team this year and focus its efforts on supporting Romanian companies to absorb European funds for digitalization. The company has already started partnering with various technology organizations to encapsulate Profluo’s technology in robotic invoice processing solutions.
Using two proprietary machine learning engines, trained on over a million real documents, Profluo not only reads all the details in documents in detail and validates them exactly like a human accountant, but it can learn very quickly to propose how documents should be inserted in any accounting system, including details of stock management, financial accounting or controlling.
Thus, Profluo technology is of a great help for all professionals who have to process a large volume of documents, such as accountants who have to manually record hundreds or even thousands of invoices each month or managers who enter stock movements based on invoices into computer systems. With Profluo, they quickly get rid of this enormous amount of routine work, while reducing the risk of mis-entering important information.
Dan Călugăreanu, Early Game Ventures Partner said: “Profluo has demonstrated that it can deliver quality growth, based on a performing product and a rigorous approach to the target market. We are delighted to continue to support the company’s accelerated growth and their international scaling plans!”
Bogdan Năforniță, founder and CEO of Profluo says: “We are happy to have attracted high-quality investors to the Profluo ecosystem, thus confirming our technological maturity and commercial progress so far. We will continue to deliver what we promise to our customers, partners, employees and investors. In this regard, we remain focused on the accelerated development of the product and the commercial strategy”.
Profluo was founded in 2016 by Bogdan Năforniță and Cosmin Merișescu, both executives with outstanding experience in the field of developing systems for automating financial-accounting processes.
Early Game Ventures (EGV) is a venture capital firm funded mostly through the Competitiveness Operational Program 2014-2020, co-funded by the European Regional Development Fund.
The European Investment Fund (EIF) is part of the European Investment Bank Group and is the leading risk financier for Europe’s SMEs through venture capital, collateral, and microfinance instruments. In Romania, the EIF implements financial instruments co-financed through structural and investment funds, such as JEREMIE 2007-2013, SME Initiative, ROP, JOP, NRDP.
The Competitiveness Operational Program 2014-2020 (POC) makes investments to address the needs and challenges raised by the low levels of economic competitiveness, in particular with regards to (a) insufficient support for research, development and innovation and (b) underdeveloped infrastructure for Information and Communication Technology. POC benefits from a € 1.33 billion allocation from the European Regional Development Fund.
