AI firm Aibidia procures $28 million in Series B financing to broaden AI-driven tax technology offerings across the American market
Unleashing Aibidia's AI-Driven Tax Technology
Step into the world of Aibidia, a Finnish fintech revolutionist, as they embark on their new journey of raising a whopping $28 million in Series B funding. Armed with advanced AI technology and a bold vision, Aibidia prepares to scale its game-changing platform for multinational corporations in the US, bracing for the challenge of global tax compliance.
At its core, Aibidia's platform automates and optimizes global transfer pricing and tax compliance processes for corporations dealing with the intricate complexities of international tax laws. Industry titans like Unilever, Nokia, Dyson, and Delivery Hero already trust Aibidia to navigate the labyrinthine world of tax regulations. This investment infusion paves the way for Aibidia's grand entrance into the US market, a key growth sector with over 15% of its revenue generated from American clients.
Aibidia's AI-driven solutions tackle the daunting task of transfer pricing - the determining of prices for transactions between subsidiaries in a multinational company - by automating calculations, risk assessments, and scenario modeling. As global trade transforms, tax regulations tighten with initiatives like the OECD's BEPS 2.0 framework and the EU's BEFIT, which bring further scrutiny. Aibidia's platform offers a lifeline by streamlining workflows, ensuring compliance with shifting regulations, and enabling businesses to mitigate risks and save precious time.
With a strategic focus on the US market, Aibidia recently set up shop in Manhattan, marking a significant milestone in its expanding presence. This move is backed by escalating demand from US-based multinationals, incorporating S&P 500 firms like EPAM Systems, Aptiv, and Omnicom.
"Multinational corporations are grappling with an increasingly intricate web of tax regulations," said Hannu-Tapani Leppänen, CEO of Aibidia. "Our platform enables global supply chains to function more efficiently and effectively. This funding will fuel our entry into the US, where enthusiasm for our tax solutions is soaring."*
Aibidia's key differentiator lies in its innovative use of AI and machine learning. By channeling advanced algorithms, Aibidia's platform automates labor-intensive tasks, reducing the risk of errors. Its AI-powered solution calculates transfer pricing adjustments and performs risk assessments based on real-time data, fostering accuracy and independence from external advisors.
Aibidia's machine learning prowess ventures into predictive analytics, using historical data and upcoming regulatory shifts to forecast potential tax risks. This proactive approach to risk management is invaluable for businesses navigating the choppy waters of global tax compliance. Simultaneously, Aibidia's platform incorporates AI-driven scenario modeling, offering enterprises the opportunity to experiment with different pricing structures and tax strategies before implementation.
Looking towards the future, Aibidia sets its sights on international expansion, aiming to adapt its AI-powered solution for transfer pricing to various regions. With over 100 multinational clients under its belt, Aibidia's Series B funding signals a vibrant future as it continues to reshape the landscape of global tax compliance.
As demand for automated tax solutions swells, the global tax technology market is expected to surge from $18.53 billion in 2024 to $36.72 billion by 2030. Aibidia's expanding footprint and innovative AI-powered platform position the company to pioneer the evolution of enterprises' global tax operations in this burgeoning market.
Expanding Horizons
underscored by strategic partnerships with the "big four" accounting firms. These collaborations will bolster Aibidia's reputation and visibility in the US, setting the stage for exponential growth. Aibidia's ambitious strategy will unlock new opportunities for its clients to streamline their tax-related workflows, all while ensured compliance with evolving global tax regulations.
- In the rapidly growing market of tax technology, worth an estimated $36.72 billion by 2030, Aibidia will leverage its Series B funding to establish a strong presence in the US, employing AI and machine learning to revolutionize the tax compliance processes for multinational corporations.
- Investments in Aibidia will not only aid in scaling its AI-driven platform for global transfer pricing but also enable the company to expand its operations into various regions, offering enterprises an efficient solution to tackle the intricate complexities of international tax laws.
- Collaborations with the "big four" accounting firms will bolster Aibidia's reputation, giving it an advantage in the competitive business landscape as it continues to reshape the future of enterprises' tax operations, using AI and fintech to streamline workflows and ensure compliance with shifting regulations.
