A Copenhagen-founded ‘AI operating system for accounting work’ has relocated its commercial hub to London after raising $25m in seed funding.
Sumary will use the funding to accelerate its growth across Europe, with Denmark remaining the centre of its technology and AI research.
Co-founders Pascar Sivam and Frederik Skov Wacher are relocating to London. The company’s wider expansion into Europe will begin with Benelux.
The huge seed round was led by Singular, with participation from existing investors byFounders, Partech and Tenity.
Angel investors include 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.
The round comes less than a year after Sumary’s $4.2m pre-seed, which the company says was one of the largest ever completed in Denmark at that stage.
Sumary says it now works with the majority of the Nordics’ 20 largest accounting firms and has secured major contracts with some of the UK’s leading players.
It lists Deloitte, Grant Thornton and Baker Tilly among its customers.
Sumary says its platform runs an accounting firm’s core workflows, from the monthly close to VAT returns and year-end preparation, across every client and whichever ledger each client already uses.
The company says each step lands ready for an accountant to review and sign off.
According to Sumary, accounting firms report spending 50% less time on a monthly close and 75% less on a VAT return after three months on the platform.
CEO Sivam said: “Accounting firms are being asked to do more with fewer people. Software has to take on the preparation properly, so accountants can give their time to the people who depend on them: their clients and their own teams. That is what we have built. This round lets us bring that to firms across the UK and Europe much faster.”
Sumary was founded by former McKinsey consultants Sivam (CEO) and Bastian Schneider (chief bookkeeper), alongside Wacher (COO), Lucas Rantzau (CPTO) and Frederik Hvilshøj (chief scientist and ex-lead ML engineer at Encord).
Sumary says a research team in Copenhagen has built a benchmark of real accounting work, against which every leading model is tested.
The company says the same benchmark measures the financial context the model is given, the controls it must pass and the checks on its output.
Mads Fauerskov, partner at Deloitte, commented: “Sumary’s AI and accounting workflows are a superpower every accountant deserves.”
Sumary cites an estimate that Europe’s accounting firms generate €133bn in annual fees, yet much of the industry’s work remains manual.
The company says firms face growing talent shortages and pressure to serve more clients without proportionally increasing headcount.
Sivam said: “Dozens, and probably soon hundreds, of AI accounting firms are being built as we speak.”
He added: “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.”
Jeremy Uzan, general partner at Singular, said: “Sumary has one of the strongest founding teams we have seen in Europe at this stage and their commercial momentum is exceptional.
“We believe Sumary has what it takes to become the defining AI platform for accounting in Europe.”
