- Kintsugi AI secures $6M Series A funding at a $40M valuation.
- Funding led by Link Ventures, Venture Highway, KyberKnight, Plug and Play, DeVC, and angel investors.
- Focus on enhancing VAT solutions for Canada and Europe.
- Aims to streamline tax compliance for over 27 million e-commerce and SaaS businesses globally.
- Comprehensive platform covers real-time nexus monitoring, AI-driven product categorization, tax calculation, registration, filing, and back-tax compliance.
- Emphasizes automation to alleviate the burden of manual tax processes.
- Unique SaaS fee model and hands-off software management distinguish Kintsugi AI from competitors.
- Addresses gaps left by legacy vendors in tax compliance innovation.
Main AI News:
In a significant move to redefine tax compliance for businesses, Kintsugi AI has successfully secured a $6M Series A funding round at a valuation of $40M. The funding, spearheaded by Link Ventures, Venture Highway, KyberKnight, Plug and Play, DeVC, and prominent angel investors, will propel the advancement of Kintsugi AI’s state-of-the-art end-to-end sales tax management solution. With a strategic focus on enhancing its automated VAT solutions tailored for Canada and Europe, Kintsugi AI aims to cater to the needs of over 27 million e-commerce and SaaS enterprises worldwide, streamlining their tax obligations effectively.
“We remain steadfast in our commitment to empowering businesses worldwide by alleviating the burden of sales tax compliance through innovative automation,” stated Pujun, Co-founder of Kintsugi AI. “As the complexities of tax regulations continue to escalate, manual approaches become unsustainable. Kintsugi AI offers a compelling solution poised to revolutionize tax management for enterprises of all scales.”
Kintsugi AI, founded by Pujun Bhatnagar, Barkin Doganay, and Jeff Gibson, is dedicated to streamlining sales tax compliance through its comprehensive platform. From real-time nexus monitoring to AI-driven product categorization, rooftop-level tax calculation, and validation, the platform covers every aspect of sales tax management. Moreover, it facilitates sales tax registration, filing, exemption certificate handling, and back-tax compliance, ensuring a seamless and hassle-free experience for businesses.
Commenting on the significance of Kintsugi AI’s solution, Lisa Dolan, Managing Partner at Link Ventures, emphasized, “Sales tax compliance remains a critical aspect for businesses, with nearly half of the states relying on it as a major revenue source. However, navigating the complexities of sales tax manually is time-consuming and prone to errors. Kintsugi AI’s innovative approach, powered by AI, not only simplifies compliance but also enables businesses to refocus their resources on core operations.”
Jeff Gibson highlighted Kintsugi AI’s distinctive value proposition, stating, “While there are existing players in the sales tax compliance landscape, Kintsugi AI stands out with its unified SaaS fee model and hands-off software management. Our platform offers end-to-end automation, ensuring that businesses can seamlessly manage their tax obligations without disruptions.”
Barkin Doganay emphasized the limitations of legacy vendors in the tax compliance domain, noting, “Traditional vendors have lagged in innovation, leaving gaps in addressing the evolving needs of businesses. Kintsugi AI fills these gaps by providing a holistic solution that caters to the nuances of both SaaS and e-commerce sectors, setting a new standard in sales tax management.”
Conclusion:
Kintsugi AI’s successful Series A funding underscores the growing demand for innovative tax compliance solutions in the market. With a comprehensive platform powered by AI, Kintsugi AI is poised to disrupt the industry by offering streamlined automation and addressing the evolving needs of businesses, particularly in the e-commerce and SaaS sectors. This investment signifies a significant step towards reshaping the landscape of tax management, paving the way for increased efficiency and productivity in the market.
