AUDAVIS funding news – Munich-based AUDAVIS Raises over €1.1 Million in Seed Funding

The round was backed by business angel and unicorn investor Martin Ostermayer, as well as private investors from the BayStartUP network.

Benjamin Aunkofer, Chief AI Officer and co-founder said, “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,”.

Funding Utilisation

With this new funding, AUDAVIS plans to speed up the development of its "Artificial Auditor" and make it the standard for AI-driven audits. The tool uses AI technology to help with annual audits and continuous checks on financial transactions.

It targets audit firms and large companies to make auditing easier and more reliable. The solution reviews financial data like orders, invoices, and payments to spot mistakes and potential risks.

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It notes that there is a shortage of skilled auditors worldwide, putting more pressure on internal auditors and CFOs to find and assess financial risks. It solves this by automating routine tasks, letting professionals focus on important decisions.

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.”

It has not only attracted audit firms but also companies looking to improve their internal auditing. Its cloud-based application works with ERP and accounting systems to prepare data for thorough audits and meet industry standards.

This achievement highlights the growing importance of AI in business functions and shows the rising demand for efficient auditing tools. As it grows, it is set to play a key role in the future of auditing technology.

About AUDAVIS

Founded in 2023 by Benjamin Aunkofer, Philipp Roebruck, and Otrek Wilke, AUDAVIS aims to become a leader in financial data transparency and audit technology. The company uses advanced AI techniques to bring precision and efficiency to the auditing process.