LONDON/BERLIN, 12th November 2019: We are happy to announce a $6 million funding round from leading venture capital firms Accel and Notion Capital, as well as several angels, including SaaS veterans Mike Chalfen (founder of Mosaic Ventures) and Charles Songhurst as well as Mirko Novakovic (founder & CEO Instana).
In a previous funding round we had raised $1+ million from Cavalry Ventures and a number of private Investors like Michael Mitterlehner (Vitruvian). Together with a public grant from IBB Berlin for the development of our conversational AI the investment brings BRYTER’s total amount of funding to $9 million.
The fresh capital will be used to enlarge the team and fuel further growth, research and development. Core to this is the development of a global customer success strategy to ensure the swift adoption of BRYTER. As part of the deal, Accel’s Luca Bocchio and Notion’s Jos White will join BRYTER’s Board.
Digital transformation and automation are reshaping industries. However, experts and professionals in law, finance, tax and compliance struggle to keep up with the pace. They often lack sufficient IT capacity and the right tools to automate their complex thinking and sophisticated decision-making processes.
Traditionally, these experts would only develop applications with the aid of developers, in-house or third-party, which is costly, time-consuming and typically only justified for selective, big and long-term projects. This hinders the ability of core business functions to automate aspects of their work and participate in digital transformation on an operational level and is a huge impediment for the rapid and agile development of interactive applications in these industries.
BRYTER was founded to provide business experts with the automation tools necessary to build powerful applications, with no programming skills required, and with all the necessary features to distribute, control and analyze applications at scale. The software is intuitive and simple enough for non-IT-experts to understand within minutes, yet powerful enough and enterprise-ready for industries with complex reasoning and demanding use cases, like law, compliance, financial services and public administration.
Business experts can build custom applications quickly and easily. The platform contains all the necessary features, like complex logic builders, document automation engines and relevant integrations. Modules can be delivered to clients and distributed internally or externally with the click of a button. BRYTER provides experts with the necessary tools to participate in the digitization of processes while keeping full control of the management and maintenance of their applications. In doing so, BRYTER drives down time and development costs for smart applications in law firms, banks, insurers and corporate compliance departments to a fraction of what they would normally be. Lowering the barrier to entry for the development of digital applications unleashes an enormous potential for business professionals to digitize tasks, decision-making processes and repetitive reasoning.
“Many of the most valuable business professionals and domain experts can’t digitize, scale or let alone automate their knowledge,” said Michael Grupp, CEO and Co-Founder of BRYTER. “Existing tools are either targeted at skilled IT experts or do not have the necessary complexity for the legal, financial and compliance industries. BRYTER was developed specifically for these industries. It unlocks the knowledge contained in MS Word and PDFs, and our rapid growth and adoption by the leading industry players speaks to the urgent need for our product in the market.”
“The BRYTER team caught our attention early on with the quality of their platform, their unique approach, and the significant market demand for their product,” said Luca Bocchio, Investor at Accel. “Having backed some of the leading global players in automation and SaaS, we immediately recognized BRYTER’s potential and are thrilled to partner with them to accelerate their early success and scale globally.”
“Some of the world’s most valuable expertise is in the minds and the archives of professionals in the legal, finance, tax and compliance industries. At the same time they are struggling to make the transition from analogue to digital, making their services inherently unscalable,” said Jos White, Partner at Notion. “BRYTER enables these industries to automate many of their services unlocking a tremendous amount of value.”
In the short time since BRYTER’s launch in late 2018, we have attracted a number of prestigious customers across a range of industries and geographies, which are implementing BRYTER to power their digital transformation. The platform is used by some of the world’s largest public bodies, consulting and law firms, as well as banks. A range of the largest law firms globally use BRYTER.
BRYTER is the leading no-code platform to automate expert knowledge. The intuitive toolbox enables professionals to build, manage and sell interactive applications without programming skills. It helps consulting and law firms, banks, corporates and public bodies across the globe to digitize and scale their services. BRYTER is especially geared towards experts in law, finance, tax and compliance, who work with complex, conditional and scenario-based content, to automate recurring and standardizable decision-making processes. BRYTER operates offices in Berlin, Frankfurt and London. The software currently supports professionals in more than 30 international law, consulting and accounting firms, corporates and public bodies with the automation of professional decision-making.
Accel is a leading venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Atlassian, Algolia, Avito, Celonis, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, Kry, QlikTech, Rovio, Slack, Shift Technology, Spotify, Supercell, UiPath and WorldRemit are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.
About Notion Capital
Notion Capital is a venture capital firm with more than $500m assets under management, investing in European SaaS and enterprise technology, with more than 60 investments to date. The Notion team founded, built and exited two highly successful SaaS businesses — Star and MessageLabs – and invests exclusively in enterprise software/SaaS with the ambition to build global category leaders. The Notion portfolio includes Brightpearl, CurrencyCloud, GoCardless, Mews Systems, Paddle, Topia, Tradeshift, Unbabel, Tradeshift, Triptease and Workable. For more information visit: www.notion.vc
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