AUDAVIS, the Munich-based startup specialising in AI-driven auditing solutions, has secured over €1.1 million in seed funding to enhance its flagship product the “Artificial Auditor”.
In addition to business angel and unicorn investor Martin Ostermayer, whose investments include SumUp, private investors from the BayStartUP investor network are also participating.
“Our multi-layered AI system leverages cutting-edge distributed computing and federated deep learning. With the AUDAVIS Artificial Auditor as a co-pilot, we boost auditors’ efficiency by up to 60% during annual audits, achieving unparalleled audit depth down to individual bookings. Additionally, companies can utilize AUDAVIS for internal audits, enabling continuous auditing,” says Benjamin Aunkofer, Chief AI Officer and co-founder.
Founded in 2023 by Benjamin Aunkofer, Philipp Roebruck, and Otrek Wilke, AUDAVIS is aiming to position itself as a leader in financial data transparency and audit technology. The company’s approach combines federated deep learning and distributed computing to deliver precision and efficiency in auditing.
With this new funding, AUDAVIS is set to accelerate its development, aiming to establish its “Artificial Auditor” as the industry standard for AI-driven audits.The “Artificial Auditor” leverages AIaaS technology to assist in annual audits and the continuous verification of financial transaction quality.
Targeting audit firms and large corporations, AUDAVIS aims to streamline auditing processes by ensuring data accuracy, consistency, and risk mitigation. The solution analyses financial data, such as orders, invoices, and payments, to identify anomalies and potential financial risks.
According to AUDAVIS, the global auditing industry faces a significant shortage of skilled professionals, increasing the pressure on internal auditors and CFOs to detect and assess financial risks accurately. AUDAVIS addresses this gap by automating routine tasks, allowing professionals to focus on higher-level decision-making.
Johannes Dierkes, Investment Manager at HTGF, highlighted the company’s potential: “With AUDAVIS, a very well-connected and technically deep-rooted founding team meets an attractive market. We see great potential for AUDAVIS to become the industry standard and a must-have tool for AI-driven auditing.”
In addition to audit firms, AUDAVIS has attracted interest from corporations seeking to improve their internal auditing processes. Its scalable cloud application integrates with ERP and accounting systems, preparing data for comprehensive audit checks and aligning with industry standards.
This milestone underscores the growing role of AI in addressing critical business functions and reflects the increasing demand for reliable and efficient auditing solutions. As AUDAVIS continues to expand its offerings, it is poised to play a pivotal role in shaping the future of auditing technology.
Read the orginal article: https://www.eu-startups.com/2025/01/audavis-raises-over-e1-1-million-to-advance-ai-powered-auditing-solutions/
