Romanian Profluo receives €125k to develop its invoice processing solution
12 April, 2023, 13:07
The Bucharest-based Profluo, a startup that builds machine learning technology for the automatic processing of accounting documents, has received €125,000. The fresh round was led by Early Game Ventures and joined by a series of angel investors.
- Profluo was founded in 2016 by Bogdan Nafornita and Cosmin Merisescu. It develops a complete ML-based invoice processing solution – processing by invoice line – products, accounts, controlling dimensions.
- Profluo can read all the details in documents and validate them exactly like a human accountant, and also learn very quickly to propose how documents should be inserted in any accounting system, including details of stock management, financial accounting or controlling. In the last 7 months, the company has increased its revenues by 400% and tripled its sales team.
- In 2022 Profluo has already secured €500,000 in a seed round of investment from Early Game Ventures. Romanian EGV is a venture capital firm funded mostly through the Competitiveness Operational Program 2014-2020, co-funded by the European Regional Development Fund. Recently, the fund co-led €650,000 investment for Romanian speech recognition startup Vatis Tech.
- 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.