AppZen, a leader in AI solutions for business automation, recently disclosed details regarding the close of its $35M Series B funding led by Lightspeed Venture Partners.
Seed investor Resolute Ventures and Series A investor Redpoint Ventures also took part in the funding exercise.
AppZen intends to utilize the funds raised not only in scaling its team worldwide but also expanding its AI-driven product suite from expenses to contracts and invoices in a bid to attain its objective of auditing each dollar spent across the business.
Since the inception of the audit technology 18 months back, AppZen has lured more than 650 clients. Currently, about 25 Fortune 1000 entities utilize the AppZen platform from expenses into invoices and contracts to achieve its goal of auditing every dollar of spend across the enterprise.
This investment brings the entity’s aggregate financing to an excess of $52 million.
AppZen’s CEO and Co-Founder Anant Kale said that the firm is focused on its objective to become the artificial intelligence platform with the potential of undertaking real-time auditing for all enterprise processes, particularly those that are spearheaded by the organization’s CFO.
The AI-powered future of work has grown to become the back office. As such, it has played a great role in the transformation of the workplace in an effort of making businesses more pleasant and efficient workplaces.
AppZen is rapidly growing and Anant is excited by the commitment shown by its growing team.
According to a Partner at Lightspeed Venture Partners Arif Janmohamed, enterprise operations in the company ’s back-office are cumbersome, rule-based and manual, which, in turn, makes them ideal for AI.
AppZen ’s team invested more than five years in creating a complex Natural Language Processing and Machine learning platform that has won the trust of hundreds of the most demanding businesses for expense audits all over the world.
AppZen has rapidly recognized itself as the only AI-driven solution in its industry. For this reason, the company has attracted collaborations from the top expense management systems.
Some of the clients include CBS, Airbus, Intuit, Comcast, Salesforce, Hitachi, Citi, Amazon, and several others.
Both Anant and the AppZen team embarked on modernizing the back office through integrating their expertise in enterprise AI and software. Currently, that vision coupled with the team’s own understanding of client needs is bearing fruit.
AppZen’s proprietary artificial intelligence (AI)-driven expense compliance and auditing platform minimizes yearly T&E spend by a maximum of 5%.
This has drastically helped in improving both compliance and the employee experience. The technology boosts financial risk detection by tenfold and reduces human resources needed for processing expense reports by 90%.
In turn, this process frees up the financial teams, allowing them to make data-powered decisions and an analytical role.
AppZen is changing T&E expense processing, particularly from weeks to seconds. This activity is saving businesses a lot of money within the first months of rolling out.