Bulgarian-founded AI firm Quillon has secured $1.5 million in pre-seed funding, led by Munich-based venture fund 42CAP, with support from angel investors at NVIDIA and Roblox, as Vestbee was informed.
- Founded in 2023 by Nikolay Dakov, Ivaylo Stefanov, and Atanas Dobrev, Quillon develops AI software for technical accounting and financial reporting used by accountants in the United States. The company employs eight people and operates between Sofia and San Francisco.
- The product is used in workflows involving complex accounting decisions such as acquisitions, revenue recognition, debt restructuring, and lease accounting. In these cases, accountants are required to produce formal memos that document how accounting standards apply to specific transactions and how conclusions were reached.
- Quillon’s system is built on a structured representation of accounting standards and integrates with the SEC’s EDGAR database. Users input a transaction or accounting question, and the system breaks it down into sequential analytical steps, identifies relevant rules, and retrieves supporting references from source material.
- Each step is presented for review, allowing the user to accept, modify, or reject the analysis before proceeding. The process is designed to keep decision-making with the accountant while using the system to structure and support the analysis.
- The final output is a memo intended for audit and compliance use, with all key statements linked back to specific paragraphs in accounting standards or regulatory filings.
"For two years we've watched technical accountants try to use general-purpose AI to keep up with a workload that's outpaced hiring. We built Quillon to close that gap: a workspace where the AI does the analysis, the accountant drives at every step, and every claim traces back to the exact paragraph in the standards,"explains Nikolay Dakov, co-founder and CEO of Quillon.
Details of the deal
- With the fresh round, the startup aims to scale engineering and go-to-market efforts, expand adoption among US public companies and auditors, and evolve its platform into a fully production-ready system for audit-grade financial reporting and technical accounting workflows.
