Press release 26.4.2022
FabricAI has been granted NIY funding from Business Finland. With the help of Young Innovative Company (NIY) funding young companies with great business potential are able to invest in international business growth and target new markets.
According to Heikki Hannula, who works as a Senior Advisor at Business Finland, the companies that have received NIY funding can be described as the “A-team” of Finnish startups, and its alumni include companies such as Oura and Framery.
The funding is significant for the four-year-old FabricAI, as it will allow for even greater investment in international growth and ecosystem building.
With the granted funding, we will be able to direct even more resources to accelerate international growth, says Jarkko Tolvanen, CEO of FabricAI.
FabricAI is currently the trailblazer in accounting automation in Finland and is ready to expand its concept to international markets, starting with the Nordic countries.
We have already been able to prove the benefits of invoice automation in Finland and Norway. With the funding, we will be able to make it easier for more and more companies to work and show how Finnish know-how is first-class when it comes to automation, Tolvanen continues.
The Nordic countries are a good destination for the company to start internationalizing, as they are currently the only countries in the world with enough digital computing data for large-scale deployment of artificial intelligence.
The accounting industry seems to have stagnated internationally to the level of the 16th century, even though with digitalization and new technologies, many accounting tasks can be almost completely automated.
FabricAI’s goal is to do the same to the financial industry that the industrial revolution and the steam engine did to global productivity at the turn of the 19th century. With that we can finally bring accounting to the 2020s, Tolvanen sums up.
CEO, FabricAI Oy
Puh. +358 50 521 9152
FabricAI is a Finnish technology company that automates the mechanical work steps of accounting with the help of artificial intelligence. The application accounts for the purchase invoices of more than 5,000 organizations in Finland and Norway. We offer our clients a comprehensive solution for the automatic processing of purchase invoices, which significantly frees up the accountant’s working time and creates cost savings. FabricAI’s 12-person team works seamlessly together to achieve the most efficient solutions and continuous improvement for its customers. Read more on our website fabricai.fi