Israeli startup Blue Dot (formerly, VATBox), a developer of an AI-powered tax compliance platform, closed $32 million in growth funding from Ibex Investors. Lutetia Technology Partners also participated in the round, alongside existing investors Target Globalm Viola, and Lamaison Partners.
Automating tax reports
Blue Dot’s technology collects, completes, and reviews financial transaction data, to automate analysis of employee spend to determine tax reports, according to the regulations of the employee’s country of residence. The platform compiles all necessary expense reports, enabling enterprises to meet standard tax codes.
In the past, the Blue Dot system focused primarily on VAT, until recently when the company expanded the system’s capabilities to support all different types of tax related spend.
Not limited to just filing taxes and helping enterprises meet tax compliance, the system also enables users to receive tax returns as part of the process. The platform leverages computer vision and AI technologies to automate scanning of receipts for tax purposes, in addition to calculating required tax reports and returns.
"SAP Concur chose Blue dot as its exclusive integrated Tax Assurance solution to be deployed for their client portfolio, after conducting an extremely thorough diligence process on our Platform and AI. We've secured funding from top U.S. investors to drive the next phase of our growth strategy. It's an exciting time at Blue dot, and we're incredibly grateful to our customers, partners and investors,” said Isaac Saft, Blue Dot CEO.
Blue Dot was founded in 2013 by CEO Isaac Saft and Noam Guzman. The company currently employs close to 100 people split between the Israeli, London, Amsterdam, France, and U.S. offices. The company has raised more than $50 million to date. Additionally, the company noted that the capital will help further expand operations in the U.S. and European markets, as well as add to the Blue Dot’s product and development crews headcount to enforce and enhance the product.