True Global Ventures, an international venture capital firm focused on emerging technologies, has invested $9m in Cynch AI, an AI-native tax automation company, to accelerate its acquisition-led expansion strategy.
True Global Ventures (TGV), a global venture capital fund with a track record of backing innovative technology companies, has led a $9m equity round into Cynch AI, alongside existing investors including Permanent Capital, AI Capital, Clear Ventures and Factory HQ.
The new investment aims to support Cynch AI’s mission to address the growing shortage of Certified Public Accountants (CPAs) by modernising and consolidating tax and accounting services through an AI-first model.
Cynch AI, which specialises in automating complex and time-consuming tax processes, is tackling a structural issue facing the industry: the retirement wave among CPAs that is leaving millions of SMEs without adequate support. The company’s platform applies deterministic, non-hallucinatory AI to reduce errors while allowing firms to maintain trusted client relationships at scale.
The company operates by partnering with retiring CPAs to acquire their books of business. To date, Cynch AI has already onboarded clients from seven practices, and the fresh capital will be used to ramp up this acquisition strategy.
Its proprietary AI tax model supports repeatable and auditable reasoning, enabling CPAs to cut time spent on document preparation, data entry and review so they can focus on higher-value advisory work.
Further investment will help Cynch AI streamline onboarding for large volumes of clients and deploy its AI engines across newly acquired practices more efficiently.
Nigel Duffy, CEO of Cynch AI, said, “Cynch AI focuses on a neuro-symbolic AI approach leveraging the best of large language models, machine learning, and quantitative reasoning to deliver reliable, auditable, and impactful financial advice; we aim to provide deeper, more explainable insights. We see ourselves differentiating from peers through our focus on small business owners, by scaling quickly through acquisitions, and by providing our clients the financial clarity and confidence they need to succeed.”
Beatrice Lion, general partner and CEO of True Global Ventures said, “Cynch AI is solving a generational problem in the tax and accounting industry. A huge proportion of CPAs are approaching retirement, and SMEs are increasingly left without qualified partners to support them.
“Cynch’s AI-first model preserves the services these practices provide while modernizing them — automating the most menial and error-prone parts of tax reporting without hallucination. We believe Cynch AI is building the future operating system for tax and accounting, and we are proud to support their next phase of accelerated growth.”
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