Sumary raises $25M seed led by Singular for AI accounting software

Sumary has raised a $25 million seed round led by Singular. Existing investors byFounders, Partech and Tenity participated, along with angels including Steve Anavi of Qonto, Tuomas Artman of Linear, Stanislas Polu of Dust and Steffen Tjerrild of Synthesia. The round follows a $4.2 million pre-seed less than a year ago.

The Copenhagen-founded company builds an AI operating system for accounting firms. It prepares month-end closes, VAT returns and year-end work across clients' existing accounting systems, and the accountant reviews and approves. Sumary says firms spend 50% less time on monthly closes and 75% less on VAT returns after three months.

Customers include Deloitte, Grant Thornton and Baker Tilly, and the company says it works with most of the 20 largest accounting firms in the Nordics. Benelux is the next market, with London as the commercial hub and technology and AI research staying in Denmark. Pascar Sivam is co-founder and CEO.