Profitual, founded by former New Brunswick Innovation Foundation investors Raymond Fitzpatrick and Daniel Hoyles, promises to use artificial intelligence to probe small and medium-sized enterprises’ financial records and generate models, revenue projections and other calculations. The company is now part of Volta’s “Power Crew” of vetted service providers for startups.
“Once their new office space is completed we intend to be in-person and hiring in the Halifax area to expand our reach and access to founders,” said Fitzpatrick on LinkedIn. “The growth of the start-up ecosystem in Halifax made this move a no-brainer for Profitual and we can't wait to continue working with start-ups in NS!”
Fitzpatrick and Hoyles incorporated Profitual in 2021, inspired by the sophisticated accounting processes that Fitzpatrick came to admire when he was a financial analyst for Irving Oil earlier in his career. By February of last year, they had used a $25,000 loan from startup hub Ignite Fredericton to hire a coder from Nova Scotia Community College to help them develop the platform and were running at break-even. And in December, they raised a $1.2 million funding round.
“With this collaboration, Volta's Power Crew is thrilled to extend its support with financial services that are perfectly aligned with the needs of early-stage ventures,” said Volta. “Their deep understanding of start-ups' financial challenges and aspirations makes them an invaluable ally in navigating the complexities of financial management.”