That’s according to Jonathan Sanders, CEO and co-founder of fledgling Danish startup Light, which exits stealth Wednesday with $13 million in a seed round of funding led by European VC giant Atomico.
The Copenhagen-based startup is reimagining general ledger software from the ground up, replete with AI to cleanse transactional data, while also enabling finance teams to ask plain-English questions and receive straightforward answers from their data.
Enterprise resource planning (ERP) software is king, packing support for CRM (customer relationship management), HR (human resources), project management, and perhaps the most crucial component of all, the general ledger.
And it’s this element of the ERP that Light is focused on dragging into the modern digital era, where AI increasingly rules the roost.
“Our mission is to be the first automated ledger for global companies,” Sanders told TechCrunch.
Tech sovereignty has become a looming priority for a number of nations these days, and now a startup working in semiconductors has received a major boost in aid of that effort for Germany and Europe.
The sum is one of the largest to date raised by a European startup working in semiconductors.
Black is a spin-out from the University of Aachen co-founded by brothers Daniel and Sebastian Schall (respectively the CEO and CFO).
The funding, a Series A, is important not just for its size but also because of the intention behind it.
Porsche Ventures and Project A Ventures are co-leads, with participation from Scania Growth, Capnamic, Tech Vision Fonds, and NRW.BANK.
“So many folks in D.C. don’t actually know what it is,” he remarked.
When Graham put out a call for startup applications, a dozen startups got into YC’s debut class.
Lowe didn’t confirm where that was a strategy on Tan’s part, but he praised Tan for his warmness and his dedication.
After educating the D.C. market, YC aims to leverage its influence, particularly in areas like competition policy.
And if we don’t do that, then it’s pretty easy to see how this plays out,” Lowe said.
When generative AI tools started making waves in late 2022 after the launch of ChatGPT, the finance industry was one of the first to recognize these tools’ potential for speeding up the data-gathering and research process.
MIT alumni Jacob Chanyeol Choi and Subeen Pang founded Linq after they won the Samsung Open Collaboration in 2023, an accelerator-like program hosted by Samsung Financial Network.
Choi told TechCrunch that win spurred him to build large language models (LLMs) for enterprises, particularly the financial sector.
“We knew the potential for a tool that could seamlessly integrate with a company’s data ecosystem, which led to the birth of Linq,” Choi said.
In addition to its B2B service for enterprise clients, the startup also plans to build B2C tools for AI equity research.
Welcome to TechCrunch Fintech!
This week, we’re looking at Rippling’s controversial decision to ban some former employees from selling their stock, Carta’s massive valuation drop, a GenZ-focused fintech raise, and more!
But there is one big exception: It has banned former employees who work for a handful of competitors from selling their stock.
What else we’re writingIn early 2022, the fintech startup Bloom was accepted into Y Combinator as the first-ever startup from Sudan to participate in the famed accelerator.
In an unusual move, Capital One is teaming up with payment giants (and rivals) Stripe and Amsterdam-based Adyen to offer a free product aimed at fraud reduction, the financial services giant told TechCrunch in an exclusive interview.
Crunchbase is expanding the scope of its tagging options in Europe to start tracking how much venture capital funding goes to minority founders on the continent.
Diversity Spotlight is a feature on Crunchbase that lets companies add tags to their profiles to label themselves.
Crunchbase is now making this feature available in Europe.
Crunchbase initially launched the Diversity Spotlight feature in 2020, and last year expanded it to add an LGBTQ+ tag.
Women globally, meanwhile, typically receive less than 2% of venture capital funding across the world.
Mistral AI has closed its much rumored Series B funding round with General Catalyst leading the round.
The company has secured €600 million (around $640 million at today’s exchange rate) in a mix of equity and debt.
As a reminder, Mistral AI is a relatively new entrant in the artificial intelligence space.
It also has distribution partnerships with cloud providers, such as Microsoft Azure — Microsoft is also a minor shareholder in Mistral AI.
According to the Financial Times, Mistral AI raised €468 million in equity and €132 million in debt (around $500 million and $140 million respectively).
When Slack CEO Denise Dresser was handed the reins last November, she was the third CEO in less than a year at the enterprise communications company.
The SaaS Stage lineup, including our discussion with Denise Dresser, is taking place on Oct 29th – learn more about the event here.
About TechCrunch Disrupt 2024TechCrunch Disrupt is where you’ll find innovation for every stage of your startup journey.
Over 10,000 startup leaders will be attending this year’s event on October 28-30 in San Francisco.
We can’t wait to hear from Denise Dresser and more SaaS leaders at this year’s show.
It’s time to dig deep and take advantage of an unparalleled opportunity at TechCrunch Disrupt 2024 — the Startup Battlefield 200.
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When you’re looking for a startup idea that could slow climate change, you might become an expert at home energy assessments.
Instead, the startup has put together a small team of engineers to create its own AI model specialized in home energy assessments using machine learning.
The company uses open data, such as satellite images, as well as its own training data set with millions of photos and energy assessments.
In the company’s first tests, its home energy assessments have been accurate within 5% of old-fashioned assessments.
The startup has now raised €4.7 million ($5.1 million at today’s exchange rate) with Racine² leading the round and a non-dilutive investment from Bpifrance.
