TL;DR:
- Transparently.AI is a Singapore-based startup selected for the 2023 Plug and Play Fintech Accelerator Program.
- The company uses AI technology to detect accounting manipulation and fraud.
- The system can identify warning signs in a company’s accounts on average 2-3 years before the wider market becomes aware.
- Transparently.AI raised $1 million in 2022 for development and go-to-market strategy.
- The company’s revenue model is a subscription service for clients to access a cloud-hosted platform for searching and screening for accounting manipulation.
- The company offers in-depth analytics and fully automated forensic accounting reports generated in 2-3 seconds.
- The company has a development pipeline in place and plans for deals with large financial institutions.
- Transparently.AI plans to launch a fundraising round in mid-2023 to support product development and go-to-market strategy.
Main AI News:
In March of 2023, Singapore-based startup Transparently.AI was selected as one of the ten companies to participate in Plug and Play’s Fintech Accelerator Program. Out of a pool of over 1,000 startups, Transparently.AI was handpicked for its innovative technology.
Transparently.AI’s CEO and co-founder, Hamish Macalister, views the accelerator program as a remarkable opportunity, stating in a press statement that “Plug and Play’s program is unique in its focus on connecting startups with their corporate client base in the US and worldwide. Their goal is to facilitate as many proofs-of-concept, projects, and contracts with their clients as possible, a roster that includes some of the biggest names in finance.”
Macalister further explains the value of the program in an email interview with e27, “Having the world’s largest technology accelerator do business development and sales for us is a fantastic opportunity for any startup.“
Founded in 2021, Transparently.AI leverages AI technology to detect accounting manipulation and fraud in companies. Macalister and co-founder Mauro Sauco, both long-time residents of Singapore, founded the company with a mission to identify accounting malfeasance early and prevent corporate failures.
The company’s system is designed to identify the next Enron or Wirecard, detecting warning signs in a company’s accounts on average two to three years before the wider market becomes aware. Macalister emphasizes the magnitude of the problem, citing that over $1 trillion is lost every year due to accounting manipulation, just among listed companies.
In 2022, Transparently.AI raised $1 million in funding, which supported the final development of its technology and go-to-market strategy. Macalister notes that securing a contract with a top sovereign wealth fund as their first client before seeking external capital was instrumental in securing the funding.
Expanding its Reach Transparently
AI’s revenue model is built on a subscription service that provides clients with access to a cloud-hosted platform for searching and screening for accounting manipulation worldwide. The company offers in-depth analytics that explains how a company is manipulating its accounts, as well as fully automated forensic accounting reports.
Macalister notes that these reports can be generated in just two to three seconds for any of 80,000 companies and any financial year, providing a significant time-saving advantage compared to hiring a forensic accounting team for weeks to analyze just one company.
The company’s participation in Plug and Play comes at a time when AI is becoming increasingly popular, and its problem-solving capabilities are in high demand. Macalister believes that the problem of accounting manipulation is “perfectly suited” for an AI-based solution, given its complexity, multi-dimensionality, and evolving nature.
Transparently.AI already has a robust development pipeline in place, with plans to add more value to its users by incorporating additional components and utilizing the wealth of unstructured data available.
In 2023, Transparently.AI has a full pipeline of deals with some of the largest financial institutions, with Macalister noting the excitement surrounding the adoption of their technology. The company plans to launch a fundraising round mid-year to support its next phase of product development and accelerate its go-to-market strategy.
Conlcusion:
Transparently.AI represents a promising player in the financial technology market, leveraging the power of artificial intelligence to uncover accounting manipulation and fraud. With its selection into the 2023 Plug and Play Fintech Accelerator Program and a robust pipeline of deals with large financial institutions, the company is poised for growth and impact in the industry.
The subscription-based revenue model, offering a cloud-hosted platform for searching and screening for accounting manipulation, along with fully automated forensic accounting reports, positions Transparently.AI as a valuable solution for clients looking to prevent corporate failures and protect their investments. The company’s commitment to continued product development and market expansion makes it a company to watch in the coming months and years.
