Berlin-based audit technology startup Cortea has raised €12 million in seed funding in a round led by Dawn Capital, with participation from Cherry Ventures and Mosaic Ventures, alongside angel investors including Larry Bradley, former Global Head of Audit at KPMG.
- Founded in 2023 by Valentin Neumann and Philipp Hövelmann, Cortea builds software that applies artificial intelligence to audit and assurance workflows.
- The company targets financial and IT audit teams, positioning its product as a review layer that sits on top of existing audit processes.
- Its platform analyses audit documentation including financial statements, disclosures, working papers and audit reports ahead of final sign-off. It is designed to identify inconsistencies, missing disclosures, calculation errors and deviations from relevant standards such as ISA and IFRS. Rather than producing conclusions, the system flags issues for auditors to review.
- Cortea’s software integrates into existing engagement workflows, allowing audit teams to upload or connect files directly. The AI then runs structured checks across documents, cross-referencing figures and requirements to surface potential gaps or anomalies. Auditors remain responsible for evaluation and approval of findings.
Details of the deal
- The fresh capital will be used to expand adoption across audit firms, broaden the scope of its AI agents, and deepen integration into day-to-day audit processes. It also plans to grow its engineering and product teams as it scales the platform beyond early customers in Europe.
“In audit and assurance, trust is everything. If AI cannot improve quality, transparency and professional judgement, it has no place in the audit process. Cortea is different because it is built for how audit firms actually operate. Cortea integrates AI into the audit process in a way that is controlled, traceable and practical," explains Larry Bradley, former Global Head of Audit at KPMG and an investor in Cortea.
