Chaintrust, an accounting entry start-up, has announced that it has raised €2.5m from investment firm Eurazeo and Euler Hermes, a credit insurance company. The firm has designed a solution to automate the entire accounting entry of purchase invoices using artificial intelligence. The funding should allow it to develop its R&D division and thus the deployment of its solution.

Chaintrust: the start-up that wants to help finance professionals

It was in 2018 that Mikael Gandon, Pierre Chopin and Pierre Hersant founded Chaintrust, a start-up whose aim is to help finance professionals in the performance of their missions. Accountants in SMEs tend to repeat the same tasks: invoice entry, lettering, bank import, etc. These activities are time-consuming and prevent them from being able to concentrate on value-added tasks.

Mikael Gandon, CEO of Chaintrust, spoke about the importance of accountants in the decision-making process of a company:

“Chartered accountants are the main advisor of the company manager: we saw this during the COVID period, with the contraction of orders, the implementation of EMP and short-time working.”

Based on this observation, the founders of Chaintrust decided to design their solution within the premises of the X-UP accelerator of the Ecole Polytechnique; with the support of The Family. This tool exploits a machine learning model that transforms bank flows as well as invoices into accounting entries. This platform has been on the market since 2019 and can be used with most of the suites used by accountants on a daily basis: ACD, Agiris, EbpIb, iza Software, Sage and SAP.

An investment to improve its research and development department

The software developed by Chaintrust allows automatic categorization of sales and purchase invoices and reconciliation of accounting data by distinguishing duplicate invoices, delivery notes, pro formas, etc. All data that does not need to be accounted for is isolated.

Thanks to Eurazeo and Euler Hermes, the start-up has just raised 2.5 million euros. This financing will enable the company to develop its R&D division.

Translated from Chaintrust lève 2,5 millions d’euros afin de déployer sa solution d’IA pour les experts comptables