SimpleAI raises $5m seed round, secures $10m acquisition facility
Singapore-based accounting automation company SimpleAI has raised a $5 million seed round as it shifts towards an acquisition-led strategy targeting professional services firms across the Asia-Pacific region.
A lead investor has committed to the round, while the company is broadening its investor base, SimpleAI said without naming the backer. The fundraising follows a $500,000 pre-seed investment from strategic investors.
Separately, SimpleAI has secured a $10 million debt facility earmarked for acquisitions of accounting and fund administration businesses in the region.
The company plans to acquire established firms and integrate its artificial intelligence agents into their operations. It is primarily targeting businesses with annual revenue of between $500,000 and $5 million, although it said it would also consider larger transactions exceeding $20 million.
Singapore and Australia are its main acquisition markets, with Hong Kong and Mauritius also under consideration. SimpleAI said it is reviewing more than $25 million worth of potential deals across Singapore and Australia.
Acquired businesses will continue serving their existing clients independently under SimpleAI’s “Partner-and-Operator” model while receiving technology and operational support from the company.
SimpleAI said it would assess acquisition targets based on their unit economics, cultural fit and the potential to deploy AI agents across existing workflows.
“As an AI-native company, our M&A facility lets us acquire businesses where we can deploy our agents into the workflow immediately,” founder and CEO Roger Tan said.
Founded in 2023 by Tan, Shim Youngjun and Bryan Sng, SimpleAI develops AI tools for accounting, finance and fund administration.
Its platform can read existing charts of accounts, historical ledgers and operating processes, allowing acquired businesses to adopt the technology without first overhauling their systems. A deterministic accounting module performs calculations, while the AI agent recommends actions that accountants can review before entries are posted.
SimpleAI said its technology is deployed across more than 10 markets and supports over 1,500 entities and 2,000 users in more than 18 industries.
The company has also appointed former Vistra executive Otto Von Domingo as chief revenue officer to support its expansion into fund and special purpose vehicle accounting.
SimpleAI plans to expand into Hong Kong, Mauritius and Europe and is aiming for a potential public-market exit, including an initial public offering, within the next 24 months.
