Prophit.ai
Prophit.ai leverages machine learning to address the complexities of sales and use tax compliance, specifically focusing on preventing overpayments on tax-exempt purchases. The platform analyzes Accounts Payable data to identify historical overpayments and reclaim mispaid sales tax, while also training predictive models tailored to a company's specific purchasing habits and location-based tax laws to prevent future errors. Their solution aims to minimize manual review, reduce the complexity of multi-jurisdictional tax codes, and simplify the management of exemption certificates and refund claims. The value proposition includes significant savings, with the potential for historical refunds to cover subscription costs for decades, and provides peace of mind by mitigating audit risks and ensuring ongoing compliance.
Prophit.ai
Prophit.ai leverages machine learning to address the complexities of sales and use tax compliance, specifically focusing on preventing overpayments on tax-exempt purchases. The platform analyzes Accounts Payable data to identify historical overpayments and reclaim mispaid sales tax, while also training predictive models tailored to a company's specific purchasing habits and location-based tax laws to prevent future errors. Their solution aims to minimize manual review, reduce the complexity of multi-jurisdictional tax codes, and simplify the management of exemption certificates and refund claims. The value proposition includes significant savings, with the potential for historical refunds to cover subscription costs for decades, and provides peace of mind by mitigating audit risks and ensuring ongoing compliance.
TL;DR
Headquarters: Cleveland, Ohio
Product: ML platform to prevent and reclaim U.S. sales & use tax overpayments
Founders / Leadership: Rob van Haaren (Founder/CTO); Austin Murray (CEO)
Employee count: 4
Known funding: $80,000 total; latest Convertible Note Jan 15, 2020
Company Overview
Problem Domain
Sales & use tax compliance and refund recovery for U.S. purchases
Industry
FinTech / Tax Technology
Funding Track Record
Reported investors across rounds include Forum Ventures, Right Side Capital Management, gbeta, and Innovation Fund Northeast Ohio
Investor Signal
“Early-stage investors include Forum Ventures, Right Side Capital Management, gbeta, and Innovation Fund Northeast Ohio”