Funding Round attributes
Rotterdam-based audit automation software company Engyon has successfully secured €1M in a seed funding round. The investment was led by the Graduate Entrepreneur Fund, a venture capital fund supporting technology startups in the Netherlands. Founded in 2021 by alumni of TU Delft, Erasmus MC, and Erasmus University Rotterdam, the Graduate Entrepreneur Fund manages a combined pre-seed and seed fund of €58M. It provides financing and access to a network of over 180 entrepreneurs and alumni.
Rui Li, an investor at the Graduate Entrepreneur Fund, expressed confidence in Engyon’s potential, stating, “Over the coming years, auditors face an immense challenge as the demand for their services will be greater than ever. Engyon combines deep market knowledge with extensive technological expertise to address this challenge. We strongly believe in Engyon’s vision to make CSRD audits more efficient and effective, and we are proud to support their growth.”
Engyon was established in 2024 by Berend Berendsen, Gerben Bas, and Joachim Arts with the goal of reducing audit and compliance risks while enhancing productivity for accounting firms. The company has developed a next-generation SaaS platform designed to automate repetitive tasks in audits, particularly for Corporate Sustainability Reporting Directive (CSRD) compliance. The software enables auditors to concentrate on strategic client discussions and provides tools for risk assessments, automated checks, data analysis, and fraud detection.
The development of Engyon’s CSRD audit product progressed from concept to beta in 2024, involving collaborations with five accounting firms for market validation. By January 2025, the company launched its Early Access program, allowing around 15 firms to test the tool. This program is expected to continue until July 2025, after which Engyon plans to expand its offerings in the Netherlands and other EU countries. The company’s vision is to provide an integrated solution supporting all aspects of auditing, including financial and sustainability reporting.
Engyon’s CEO, Joachim Arts, highlighted the challenges facing the auditing profession, noting, “There are fewer auditors available in the market, and the current tools don’t really help them do more with fewer resources. With Engyon, we aim to provide our clients with the right tools to work more efficiently and cost-effectively. Perhaps the work will even become more enjoyable; with the help of AI and language models, much of the ‘boring’ work can simply be automated.”
The seed funding will be utilized to accelerate Engyon’s international expansion and to bolster its research and development team. With over 50,000 companies in the EU required to comply with CSRD reporting by 2026 and a growing shortage of auditors, the demand for audit automation solutions is on the rise. Engyon aims to establish itself as the standard for case management and AI-driven workflow automation in audits across the EU within three years.
This funding marks a significant milestone for Engyon as it strives to address the pressing challenges in the auditing sector with innovative technological solutions.
