New investment in Audrey AI

In brief · summary, not quotable

Mindflair plc announced that Sure Valley Ventures Fund III, in which Mindflair has an interest, invested US$1.8 million (€1.5 million) in Audrey AI, a startup developing an AI platform for financial auditors. This pre-seed funding round, also involving Delta Partners and Enterprise Ireland, will support Audrey AI's platform scaling and team expansion across Ireland, the UK, and international markets. Audrey AI targets the over US$100 billion global financial auditing market, which is heavily reliant on manual processes, by automating time-intensive tasks like evidence gathering and testing. Pilot engagements with Top 10 and Top 20 audit firms demonstrated over an 85% reduction in time spent on client data collection, validation, and tests of detail, while simultaneously improving audit quality.

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Mindflair plc, the AIM-quoted company focused on investing in Artificial Intelligence ("AI") related technology, is pleased to announce that Sure Valley Ventures Fund III ("SVV3"), in which Mindflair holds an interest, has made a new investment in Audrey AI, a Dublin-based startup company developing an AI platform for financial auditors.

Audrey AI has raised US$1.8 million (€1.5 million) in a pre-seed funding round led by Sure Valley Ventures and Delta Partners, with participation from Enterprise Ireland, Donnchadh Casey (ex-CEO Calypso), Conor Jones (ex-CBO Wayflyer), and several former auditors.

The funding will be used to scale the Audrey AI platform and expand its engineering and audit specialist teams as the company grows its presence across Ireland, the UK and international markets.

Audrey AI is addressing the global financial auditing market, valued at over US$100 billion, which still remains heavily reliant on manual processes. While general purpose AI tools often struggle with the complex tabular data and evidence workflows required by the auditing profession, Audrey AI's agentic system is designed to automate the most time intensive aspects of an audit engagement, specifically evidence gathering and testing.

In pilot engagement with Top 10 and Top 20 audit firms, reduced time spent on client data collection, validation and tests of detail by over 85%, while simultaneously improving audit quality. The system is designed to learn each firm's specific audit methodology, increasing in value as it is used.

Nicholas Lee, Director of Mindflair plc, commented:

"Audrey AI represents a compelling application of agentic AI in a high-value, highly regulated sector. By automating the manual and repetitive workflows that have historically burdened the auditing profession, Audrey AI provides a critical solution to talent shortages and margin pressures. We believe the company is well-positioned to become a key infrastructure layer for the next generation of audit firms."

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.