Sumary, a Copenhagen startup building an AI operating system for accounting work, has raised $25 million in a seed funding round led by Singular. The company announced the round on November 10 and will use the money to expand across Europe.
Existing investors byFounders, Partech and Tenity joined the round. Angel investors included Steve Anavi of Qonto, Tuomas Artman of Linear, Stanislas Polu of Dust, Steffen Tjerrild of Synthesia, Jannick Malling of Public.com and Ben Freeman of Omnea.
What Sumary does
Sumary automates core accounting work, including monthly financial closes, VAT returns and year end preparation. Its platform works across a firm’s clients and existing accounting systems, preparing tasks for accountants to review and approve while keeping professional oversight in human hands.
Accounting firms using Sumary report spending 50 percent less time on monthly closes and 75 percent less time preparing VAT returns after three months. The company says the time saved lets accountants spend more of their week on client advice, financial analysis and business decisions.
A research team in Copenhagen supports the technology and has built a benchmark for testing AI models against real accounting tasks. Sumary uses it to check model performance, verify outputs and test new models before they reach client work.
Founders and backers
Sumary was founded by former McKinsey consultants Pascar Sivam and Bastian Schneider, alongside Lucas Rantzau, Frederik Hvilshøj and Frederik Skov Wacher. Sivam is chief executive, Schneider is chief bookkeeper, Rantzau is chief product and technology officer, Hvilshøj is chief scientist and Wacher is chief operating officer.
The seed round follows a $4.2 million pre-seed round completed less than a year ago. That round was led by byFounders, with Partech and Tenity also taking part.
We want to offer existing accounting firms the chance to deliver customer value that is as good as, if not better than, these new entrants, by adopting AI quickly across their operations. With the right technology, they can lead this transformation rather than be disrupted by it.
Pascar Sivam, co-founder and CEO of Sumary
Customers and expansion
Sumary now works with the majority of the 20 largest accounting firms in the Nordics and has signed contracts with leading firms in the United Kingdom. Its customers include Deloitte, Grant Thornton and Baker Tilly.
With the new funding, Sumary plans to expand across Europe, starting with the Benelux region. London will become its commercial hub, while Denmark remains the centre of its technology development and AI research.
