Belgian startup Ravical, which builds AI software for accounting and tax firms, has raised $17M in a seed round led by MMC Ventures. Existing backers Lakestar and Pitchdrive also invested, along with new investor Shapers.

More than 100 accounting firms in Europe now use the platform, the company said. Ravical plans to use the new money to grow in its main markets of Belgium, Germany, the Netherlands and the UK. It will also expand across Europe and launch in the US.

The idea behind the product is that a firm's know-how should not depend on a few people. Ravical captures how a firm's most experienced staff judge and advise on cases.

Its AI then applies that same approach to every client, and managers can see risks and opportunities across the whole client base.

“When every employee uses their own assistant in their own way, the individual gets better, but the firm doesn't,” said chief executive Joris Van Der Gucht.

Ravical argues that accounting firms can no longer grow simply by hiring. Demand for their work is rising, but fewer graduates are becoming accountants, and skilled staff is scarce.

Clients are also turning to AI themselves. According to Ravical's own survey, 70% of small and medium-sized UK businesses act on advice from AI without checking with their accountant.

Van Der Gucht founded the company with chief technology officer Ken Bastiaensen and chief product officer Benjamin Vandermarliere.

He previously co-founded Silverfin, a cloud platform for accountants that was later bought by Norwegian software group Visma.

Mina Samaan, a general partner at MMC Ventures, compared the opportunity to legal AI, where startups such as Legora have raised large sums. Most AI startups in accounting tackle one task at a time, Samaan said, while Ravical aims to work across a whole firm.

“Accounting hasn't had its Harvey or Legora moment yet. Most of the AI startups we've met in the space are building point solutions for a single task or workflow,” Samaan said.