Sumary, an AI operating system for accounting work, has raised £19 million in a seed round led by Singular. Existing investors byFounders, Partech and Tenity took part, as did angel investors including Steve Anavi of Qonto and Tuomas Artman of Linear. Sumary will use the funding to grow across Europe, with London becoming its commercial hub and Denmark remaining the centre of its technology and AI research.
Sumary 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. Each step lands ready for an accountant to review and sign off. A research team in Copenhagen has built a benchmark of real accounting work, and every leading model is tested against it. The same benchmark measures the financial context the model is given, the controls it must pass and the checks on its output. Every new model is measured before it is trusted with a client's books.
Sumary works with the majority of the Nordics' 20 largest accounting firms and has secured contracts with some of the UK's leading firms. Its customers include Deloitte, Grant Thornton and Baker Tilly. After three months on Sumary, accounting firms report spending 50% less time on a monthly close and 75% less on a VAT return. The round comes less than a year after Sumary's £3 million pre-seed, which was one of the largest completed in Denmark at that stage.
Former McKinsey consultants Pascar Sivam (CEO) and Bastian Schneider (Chief Bookkeeper) founded Sumary alongside Lucas Rantzau (CPTO), Frederik Hvilshøj (Chief Scientist and former Lead ML Engineer at Encord) and Frederik Wacher (COO). Sivam and Skov Wacher are relocating from Copenhagen to London to lead the next phase of UK growth, while Sumary also expands into Europe, starting with Benelux.
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 has one of the strongest founding teams we have seen in Europe at this stage and their commercial momentum is exceptional. They have combined deep AI research capabilities with an understanding of how accounting firms operate and are already winning the trust of some of the industry's largest players. We believe Sumary has what it takes to become the defining AI platform for accounting in Europe.
Sumary's AI and accounting workflows are a superpower every accountant deserves.
