Berlin AI Startup Cortea Secures €3.1M to Transform Auditing
Cortea founder Valentin Neumann (front left) and his team - © Cortea
Former Audibene CTO Valentin Neumann and ex-Finoa developer Philipp Hövelmann have launched Cortea, an AI-powered startup tackling the painful world of compliance audits. According to information from Finance Forward, the Berlin-based company has secured €3.1 million in early-stage funding.
Cherry Ventures leads the investment round with participation from Google DeepMind advisors and BCG consultants. Other investors include ING manager Ralph Müller, Finoa founder Henrik Gebbing, and an Atomico scout fund, as registry documents reveal.
Neumann (34) and Hövelmann (32), who know each other from university, created Cortea after experiencing firsthand the challenges of regulatory compliance. "We asked around and everyone found these experiences painful," Neumann explained. Their AI solution aims to assist both auditing firms and financial companies preparing for upcoming regulatory checks.
The startup is positioned to capitalize on increasing financial regulation. Cortea initially focused on DORA, a new directive helping financial companies protect against cyber attacks. Their platform can interpret various rules and verify their implementation, significantly simplifying work with regulatory documents that sometimes span thousands of pages.
"The Big Four auditing companies will certainly develop their own tools, but many smaller and medium-sized firms lack the technology and talent," said Neumann. Cortea's solution promises to deliver what they call "Acceleration, Accuracy, and Assurance" – automating tedious tasks while ensuring precision for auditors.
