Groundley raises €970k to bring AI-driven finance and sustainability insights to European enterprises
Copenhagen startup Groundley raised €970K to boost its AI-driven platform for detailed financial and sustainability insights. It helps enterprises cut costs and track carbon emissions efficiently.
Copenhagen FinTech Startup Groundley Raises €970K to Enhance AI-Driven Finance Solutions
Danish startup Groundley has secured €970,000 in Seed funding to advance its AI-powered platform that delivers detailed financial insights and sustainability tracking for large enterprises. The investment includes a loan from EIFO (The Danish Export and Investment Fund) and equity from angel investors, including Christian Dideriksen. This funding values Groundley at €4.6 million.
Mads Zeidler, CEO and Co-founder, emphasized the practical impact of this funding: “We are excited to expand our product and assist more enterprises across Northern Europe in managing their costs effectively.”
AI-Powered Insights Across Complex Finance Systems
Founded in 2023 by Ahmad Sabah, Jeppe Jørgensen, and Mads Zeidler, Groundley offers a platform that integrates with any ERP system, regardless of configuration or age. It extracts detailed, line-by-line invoice data, categorizes expenses under greenhouse gas (GHG) emission types, and calculates a company’s carbon footprint automatically.
The platform provides real-time dashboards to monitor spending and emissions, giving finance teams immediate control over both financial performance and sustainability metrics.
Addressing Gaps in ERP and Financial Oversight
Traditional ERP systems often lack the granularity needed to fully understand business spending. Groundley solves this with a three-part solution:
- Spend Cube for Sourcing: Optimizes procurement by providing detailed spend analysis.
- Emission Data for Sustainability: Tracks and reports on carbon footprints to support ESG goals.
- Invoice Check for Accounting: Detects and eliminates invoice discrepancies to improve financial accuracy.
Groundley’s tools help manufacturers and large enterprises reduce accounting errors, identify procurement efficiencies, and streamline operations.
Proven Benefits and Enterprise Adoption
Early deployments include use by one of Denmark’s largest shipping companies. Investor Christian Dideriksen noted, “The team is building an AI engine that truly enhances smart finance operations.”
According to Groundley’s data, clients can expect:
- Up to 2% cost savings
- Reduction of 0.5 full-time equivalent (FTE) workload
- Complete elimination of invoice-related accounting discrepancies
Zeidler points out that large organizations often lack clarity on what they truly spend across multiple ERPs, countries, and business units. Groundley directly addresses this gap.
Next Steps: Scaling and Enhancing AI Capabilities
With the new funding, Groundley plans to scale its operations and further develop its AI technology to serve more enterprises throughout Europe. Finance professionals interested in AI applications for spend analysis and sustainability might find Groundley’s approach particularly relevant.
For those looking to deepen their knowledge of AI tools in finance, exploring tailored courses on AI tools for finance can provide practical skills to support similar initiatives.
