True Global Ventures (TGV) today announced a US$9 million investment round in Cynch AI, to fuel the company’s next chapter of rapid, acquisition-led expansion. The round includes equity financing from TGV and existing investors including Permanent Capital, AI Capital, Clear Ventures, Factory HQ, supporting Cynch AI’s strategy to consolidate and modernize the fragmented tax and accounting industry through an AI-first operating model.
Cynch AI, an emerging leader in AI-native tax automation, addresses one of the sector’s urgent structural challenges: the accelerating retirement wave of Certified Public Accountants (CPAs), leaving millions of small and medium enterprises (SMEs) underserved. Cynch AI’s platform automates the most time-consuming and error-prone components of tax reporting with deterministic, non-hallucinatory AI, servicing the clients it acquires at scale while maintaining high accuracy and preserving trusted client relationships.
A Scalable Acquisition Strategy Powered by AI
Cynch AI is executing a novel go-to-market strategy by partnering with retiring CPAs to acquire their tax and accounting clients. The company has acquired clients from seven such practices and, with this funding round, plans to accelerate this strategy. Cynch AI serves these clients using its proprietary AI tax model that performs repeatable, auditable reasoning at scale. With Cynch AI, CPAs substantially reduce the time they spend on document preparation, data entry and review, allowing them to focus on higher-value activities. The new capital enables the company to accelerate its pipeline of acquisitions, onboard large volumes of new clients, and effectively deploy its AI platform across acquired clients at scale.
“Cynch AI focuses on a neuro-symbolic AI approach leveraging the best of large language models, machine learning, and quantitative reasoning to deliver reliable, auditable, and impactful financial advice; we aim to provide deeper, more explainable insights. We see ourselves differentiating from peers through our focus on small business owners, by scaling quickly through acquisitions, and by providing our clients the financial clarity and confidence they need to succeed.” Explains Nigel Duffy, CEO of Cynch AI.
“Cynch AI is solving a generational problem in the tax and accounting industry. A huge proportion of CPAs are approaching retirement, and SMEs are increasingly left without qualified partners to support them. Cynch’s AI-first model preserves the services these practices provide while modernizing them — automating the most menial and error-prone parts of tax reporting without hallucination.” Beatrice Lion, General Partner and CEO of True Global Ventures comments. “We believe Cynch AI is building the future operating system for tax and accounting, and we are proud to support their next phase of accelerated growth.”
