Linz, December 20, 2021 – hae.sh GmbH (www.hae.sh), the expert in tamper-proof automation for internal control systems, can point to a success since last Friday: The Linz-based software company succeeded in generating 1.3 million euros in a financing round. This is one of the largest seed financings in Austria in the past year. The company intends to use the money to grow faster and invest primarily in product development and expanding the team.
Business model of hae.sh
hae.sh supports companies in modernizing and perfecting their control processes. The focus of hae.sh is to develop an easy-to-use Continuous Audit Application based on blockchain that can withstand any internal and external audit. The goal is to make internal control systems easily accessible for large and small companies.
Efficiency and security in business as a solution for success
hae.sh thus has the potential, with its software product DICE. (Digital Internal Control Environment) to fundamentally change outdated rules in business: For example, for most publicly traded companies, the fiscal year ends on December 31, but audited financial statements may not be finalized and published until March or April. In a business environment where headlines and trends can change at a moment’s notice, such a delay of several months is problematic.
Increasing importance of internal control systems in auditing
“Setting up control systems is one of the key due diligence obligations of a prudent businessman,” explain Sebastian Holler, Nicolas Kirchmayr and Stefan Lew, who founded hae.sh 2020. “Just think of the major cases of balance sheet falsification in recent years. Due to legal requirements, such as Section 22 GmbHG or Sarbanes-Oxley Section 404 (PCAOB), it is of elementary importance for companies and auditors to have efficient internal control and management systems.”
Blockchain technology meets controlling
The DICE. software product digitizes and automates control processes while making them tamper-proof. In doing so, the app from hae.sh uses blockchain technology. This ensures that the system is traceable and forgery-proof. “In the long term, entirely new applications will emerge with DICE. Internal control systems will become scalable, because topics such as ESG standards (environment, corporate social responsibility, corporate governance) will require massive control efforts in the future. However, the internal control system does not only minimize its own risks: After the blockchain history cannot be changed in retrospect, credibility with authorities and auditors also increases,” opens the team of hae.sh.
The investors
The funding round is led by two experienced entrepreneurs: Martin Klässner (make visions capital gmbh), who just a few months ago achieved Austria’s largest exit to date with the sale of his has·to·be gmbh, and Paul Achleitner, who is considered an advocate for effective corporate governance and technological innovation in companies. In addition, hae.sh also received research funding 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 implementing and managing an ICS in accordance with the Sarbanes Oxley Act. He is a specialist in ICS, auditing, and blockchain strategies. Stefan Lew, Co-founder, studied computer mathematics at 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. Third Co-founder, Nicolas Kirchmayr, is a graduate of ETH Zurich in mathematics. He was a Data Scientist for general business applications in the area of Predictive Analytics & Artificial Intelligence and is a specialist in agile software development and process digitization. If you have any questions about internal control systems and blockchain, the team at hae.sh will be happy to help.
