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Kintsugi Raises $6 Million to Further Develop Tax Automation Platform

Kintsugi

Kintsugi raised $6 million in a Series A funding round to further develop its tax automation platform.

The round, which valued the company at $40 million, will support its development of automated value-added tax (VAT) solutions for Canada and Europe that will aid customers who sell internationally, Kintsugi said in a Wednesday (May 29) press release.

“We are hyper-focused on helping more than 27 million eCommerce and [Software-as-a-Service (SaaS)] businesses worldwide save time and money by putting their sales tax on autopilot,” Kintsugi Co-founder Pujun Bhatnagar said in the release. “Tax complexity is only increasing, and without the right tools, manual processes will inevitably fail to scale. That’s where Kintsugi comes in.”

Founded in 2022, Kintsugi’s platform aims to help both eCommerce and SaaS businesses replace these manual processes with its automated sales tax compliance, according to the release.

The platform covers real-time nexus monitoring, artificial intelligence-enabled product categorization, rooftop-level tax calculation and validation, sales tax registration, filing, exemption certificates handling and back-tax compliance, the release said.

Kintsugi’s latest funding round was led by Link Ventures, Venture Highway, KyberKnight, Plug and Play and DeVC, per the release.

Lisa Dolan, managing partner at Link Ventures, said in the release that Kintsugi’s platform helps businesses meet the challenge of keeping up with sales tax that is defined and collected on a city, county and state level.

“Kintsugi uses AI to make compliance fast and painless and then automates the process so companies can focus on their businesses instead of tax paperwork,” Dolan said in the release.

With more than 14,000 regulatory changes happening monthly across more than 19,000 tax jurisdictions around the world, compliance changes can be “sudden, relentless and consequential,” Kevin Akeroyd, CEO of compliance company Sovos, wrote in the PYMNTS eBook “The Implications of Uncertainty.”

“Because of this, three of the biggest challenges facing companies right now are risk, cost and lack of insights,” Akeroyd wrote. “Each of them can be addressed with the right technology and data.”

Sovos said in April that it enhanced its Sovos Partner Network to make it easier for partners to access new opportunities in technology, revenue and marketing.