Kintsugi AI, a cutting-edge tax automation platform, announced today that it has secured $6m in a Series A funding round.
This round, which values the company at $40m, was led by Link Ventures, Venture Highway, KyberKnight, Plug and Play, and DeVC, along with notable angel investors.
Kintsugi AI is dedicated to simplifying tax compliance through its innovative end-to-end sales tax management solution. The platform automates various aspects of sales tax compliance, including real-time nexus monitoring, AI-enabled product categorisation, rooftop-level tax calculation and validation, sales tax registration, filing, exemption certificate handling, and back-tax compliance.
With the new funding, Kintsugi AI plans to further develop its automated VAT solutions, particularly for Canada and Europe. This will support customers selling internationally and help more than 27m e-commerce and SaaS businesses worldwide save time and money by automating their sales tax processes.
Lisa Dolan, Managing Partner at Link Ventures, emphasised the importance of Kintsugi’s solution: “Kintsugi addresses a real need; 48 percent of states rely on sales tax for a major source of revenue. Sales tax is defined and collected on a city, county, and state level and performing this task manually takes hours, as does keeping track of ever-changing laws. Kintsugi uses AI to make compliance fast and painless and then automates the process so companies can focus on their businesses instead of tax paperwork.”
Jeff Gibson highlighted Kintsugi’s unique offering: “There are other companies that offer sales tax compliance solutions; Kintsugi’s single SaaS fee model and hands-off software management set it apart. We’re the solution that tracks, monitors, and automates sales tax compliance end-to-end, allowing businesses to get back to serving their customers.”
Barkin Doganay pointed out the stagnation among legacy vendors: “Legacy vendors have stopped innovating in this space, and many competitors are focused only on SaaS or e-commerce, missing key aspects of handling both seamlessly.”
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