Sumary secures US$25 million as it targets Benelux expansion
The accounting software start-up intends to establish a commercial hub in London, with technology development and AI research remaining in Denmark.
Sumary, an AI accounting software start-up founded in Copenhagen, has secured seed financing of US$25 million. Singular led the investment, which will support plans for European expansion beginning in Benelux.
Returning investors included Tenity, byFounders and Partech, alongside angel investors. The financing follows an earlier pre-seed investment of US$4.2 million, completed less than a year before.
The company intends to establish its commercial hub in London while keeping AI research and technology development in Denmark. It says its customer base includes most of the 20 largest accounting firms in the Nordics, as well as contracts with leading UK firms. Deloitte, Grant Thornton and Baker Tilly are among its customers.
Sumary's software is intended to automate accounting processes ranging from monthly closes to VAT returns and year-end preparation. It works with clients' existing accounting systems and prepares work for review and approval by accountants, retaining professional oversight.
According to Sumary, firms report that three months of use cuts the time needed for monthly closes by 50 per cent and VAT preparation by 75 per cent.
Its Copenhagen research team has also created a benchmark using real accounting tasks. This is used to test AI model performance and verify results before new models are incorporated into customers' workflows.
