The Berlin-based AI startup Zeitgold has raised €10 million in Series A financing from Battery Ventures and Holtzbrinck Ventures. Only in February, Zeitgold had announced a €4.2 million seed round. Co-founder Stefan Jeschonnek explains the new, larger round with a technological breakthrough. Zeitgold was founded in 2015 to “give small business owners their life back”.
Co-founder Stefan Jeschonnek stated: “Now we have made a breakthrough in the development of our AI. We are set to provide entrepreneurs with an Artificial Intelligence that can support them in their core business decisions.”
The Zeitgold technology can be used to avoid liquidity shortages, identify possibilities for cost savings, or make use of untapped revenue opportunities. Just put all you accounting paperwork in the Zeitgold box, which will be picked up once per week. Zeitgold then scans and archives all your paperwork in a safe and secure way. Afterwards, your personal Zeitgold expert (and the company’s AI technology) basically handles all the work for you.
The fresh capital has already partly been invested into the opening of an R&D center in Tel Aviv. In the coming months, the newly discovered opportunities will be tested with pilot customers and developed further. Zeitgold aims to be a digital business partner to SMBs that actively supports them in making their companies more successful.
Itzik Parnafes, the General Partner at Battery Ventures who led the firm’s investment in Zeitgold, stated: “Zeitgold develops cutting-edge technology to solve a problem that for decades has remained an unsolved burden for millions of small businesses worldwide. We are excited about the technological advancements that this team has made possible in such a short amount of time and we are proud to continue supporting them.”
Jasper Masemann, Principal at Holtzbrinck Ventures in Berlin added: “Zeitgold is a tech company with a unique approach and a unique solution. We believe that all small businesses in Germany should consider using Zeitgold so that they can fully focus on their core business.”