Press Release

Upper Austrian hae.sh raises EUR 1.3 M with successful seed financing

Well-known investors rely on the growth potential of continuous audits due to faster internal control processes.
12/20/2021 | 5 min read
left to right: Sebastian Holler, Stefan Lew, Martin Klässner, Nicolas Kirchmayr

Linz, December 20, 2021 – hae.sh GmbH (www.hae.sh), the experts in tamper-proof automation for internal control systems, managed to raise 1.3 million euros. This is one of the largest seed financings in Austria this year. The company intends to use the money to grow faster and, above all, to invest in product development and expanding the team.

hae.sh business model

hae.sh supports companies in modernizing and perfecting their internal control processes. The focus of hae.sh is the development of an easy-to-use Continuous Audit Application based on blockchain that can withstand any internal and external audit. The aim is to make internal control systems easily accessible for large and small companies.

Efficiency and security in business as a factor for success

hae.sh has the potential with its software product DICE. (Digital Internal Control Environment) to fundamentally change traditional rules in business: For example, the fiscal year of most listed companies ends on December 31st, but the audited annual financial statements may not be finalized and published until March or April. In a business environment where headlines and trends can change very quickly, such a delay of several months is problematic.

Increasing importance of internal control systems

“Setting up internal control systems is one of the main duties of a prudent businessman,” explain Sebastian Holler, Nicolas Kirchmayr and Stefan Lew, who founded hae.sh in 2020. “Just think of the major cases of corporate and accounting scandals in recent years. Due to legal requirements, such as § 22 GmbHG or Sarbanes-Oxley Section 404 (PCAOB), it is of fundamental importance for companies and auditors to have efficient internal control and management systems.”

Blockchain technology supports internal controls

The software product DICE. digitizes and automates internal control processes and makes them tamper-proof at the same time via blockchain technology. This guarantees the traceability and immutability of audit relevant data. "Internal control systems are becoming scalable, because topics such as ESG criteria (Environment, Social, Governance) will require massive audit and internal control efforts in the future. The internal control system not only minimizes company risks: Since a blockchain audit trail cannot be changed, it also increases the credibility to authorities and auditors ”, the hae.sh team says.

The investors

The financing round is led by two experienced businessmen: Martin Klässner, who achieved Austria's largest exit to date with the sale of has.to.be gmbh a few months ago, and Paul Achleitner, who is an advocate for effective corporate governance and technological innovations. Additionally, hae.sh received a grant from the Austrian Research Promotion Agency (FFG) last year.

The co-founders of hae.sh

Co-founder Sebastian Holler studied accounting at Penn State University and has experience with implementing and managing internal control systems (ICS) under the Sarbanes Oxley Act. He is a specialist in ICS, auditing and blockchain strategies. Stefan Lew, co-founder, studied computer mathematics at the JKU Linz. He is a blockchain expert and full-stack developer with many years of programming experience and a great passion for encryption methods and distributed ledger technologies. Co-founder, Nicolas Kirchmayr, is a graduate of ETH Zurich in mathematics. He was a data scientist for general business applications in the field of predictive analytics & artificial intelligence and is a specialist for agile software development and process digitization.

The hae.sh team will be happy to answer any questions you may have about internal control systems and blockchain.


PRESS
REICHLUNDPARTNER Public Relations
Dr. Wolfgang Wendy
Account Director – Member of the board
Mobil: +43 664 828 40 76
E-Mail: wolfgang.wendy@reichlundpartner.com