Aibidia raises €4.2 million to digitalise international tax

SAAS Solution Mar 12, 2020
Aibidia raises €4.2 million to digitalise international tax

Aibidia raises €4.2 million to digitalise international tax in a funding round led by Global Founders Capital and Icebreaker.vc

Aibidia aims to digitalise and shape the way that Tax professionals work and live, by combining in-depth legal, tax and economic expertise with Artificial Intelligence, Business Intelligence and Digital Innovations. Harnessed with the latest disruptive technologies, the company constantly redefines the industry by developing and offering customers sound solutions, that nurture a new data-driven, high performance working culture. A culture where professionals can focus on what they were trained for, to design, do, drive and document right things right.

According to Aibidia and it's partners, International taxation is an important topic and has a large impact on our society. Companies are spending €150 billion per year on transfer pricing compliance, which is unproductive. By combining in-depth legal, tax and economic expertise, they have developed a platform that improves their customers’ CbC data and analytics capabilities.

The Aibidia company name is an acronym for how they put their business ideas into action: Artificial Intelligence, Business Intelligence, Digital Innovations, Ahead.

The biggest challenge in international taxation relates to transfer pricing. In essence, it boils down to the question of how to ensure a fair and transparent split of the global profit within multinational companies. We help companies solve this challenge. We are offering companies and tax authorities a digital platform that helps define and justify the global profit split while simultaneously automating the burdensome statutory reporting process.”, explains Aibidia’s CEO and founder Hannu-Tapani Leppänen.

In a statement by Icebreaker.vc "We are thrilled to announce our continued investment in Aibidia as they embark on the next stage of their mission to digitalise international tax as a result of a successful seed funding round led by Global Founders Capital and us at Icebreaker.vc, whose investments totals EUR 2.9 million. The equity funding is complemented by EUR 1.25 million from the Young Innovative Company funding program by Business Finland, aimed at supporting the most promising Finnish start-ups".

Global Founders Capital is a globally oriented, stage agnostic venture capital firm that empowers gifted entrepreneurs worldwide. The company has invested in companies that have revolutionised their industries, including Slack, Revolut, LinkedIn and DeliveryHero.

Icebreaker.vc is a venture capital fund (€20M) and community for pre-founders and founders. The company invests in Nordic and Baltic companies only.

Glen Smale

Editor @Bundupress - Covering Tech News, Startups, Funding, Social Marketing & Technology | DM me on twitter to share your story. Find me on - Instagram @glensmale - Pinterest @glensmale

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