AppZen, the world’s leading AI platform for modern finance teams, today announced that it has secured $50 million in Series C funding under Coatue Management. Existing investors Redpoint Ventures and Lightspeed Venture Partners also took part in the round This brings the total investment of the company to more than $100 million. AppZen will use new funding to accelerate its mission to become the leading artificial intelligence (AI) platform for CFOs and their teams to reduce spending, comply with policy and streamline the process.
AppZen automates manual processes, solves problems and optimizes decision-making for more than 1,500 global companies, including Airbus, Amazon, Novartis and Salesforce. Its AI platform combines patented computer vision, deep learning and semantic analysis with intelligence from thousands of online sources to understand financial transactions in the business context and to make decisions before such transactions occur. Starting with expenditures and payables, AppZen’s vision is to help decision-making across a wide range of finances, including spending, revenue, cash, treasury, and beyond. The company will focus on pain points at the intersection of process automation, pre-transaction decision-making and the integration of intelligence from high volumes of internal and external data.
“AppZen allows companies to do something they have never been able to do-audit 100% of their expenditure on a scale with the team they have, all before payments go out of the door. AI allows CFOs to dramatically reduce spending, comply with policy and streamline processes as they pursue their digital transformation goals,” said Thomas Laffont, Senior Managing Director for Coatue Management. “When we met Anant, Kunal and the team, we were struck by their AI expertise and financial transformation vision, not to mention the clear and rapid market execution of the company. “That’s right.
“Until now, the real digital transformation of the CFO organization has been limited. Many finance processes require time-consuming analysis of documents such as contracts, invoices and receipts. Our AI technology is based on data, intelligence from thousands of internal and online sources, and collective feedback from thousands of finance professionals. The result is the most efficient spending auditing solution on the market today, powered by an AI platform that has been designed to meet the most critical business needs of all finance,” said Anant Kale, co-founder and CEO of AppZen. “With this funding, we are able to focus on expanding our AI, engineering and product teams while maintaining our unique corporate culture, supporting the needs of our customers, and expanding our capabilities to continue to build on AI solutions for corporate CFOs and their teams. “That’s right.
Highlights recent company
Customers-AppZen has recently surpassed the 1,500 customer mark, attracting almost a third of Fortune 500 companies. As a result, the company’s revenue increased fivefold in 2018 and increased to more than 200 employees. It will increase its workforce by 146 per cent by the end of the year, as well as expand its global market efforts.
Accounts Payable (AP) and Contract Audit-This year, AppZen has expanded its AI platform to include a full-time audit of the company’s spending process, including procurement, supplier contracts, invoices, T&E and credit cards, building on Expense Audit with the launch of Accounts Payable Audit and Contract Audit.
New offices-AppZen has recently opened a new office in Pune, India, to tap into the talents and expertise of the workforce in the area. The company also expanded its San Jose (headquarters), London, and Arizona locations to include new talent and global coverage.
Awards and recognition-In the last year, the “Great Places to Work” certified AppZen, while the company was recognized as having the “Best Engineering Team” ‘CB Insights ranked it among the most promising AI companies in the world, Best in Biz Awards named it one of the fastest-growing start-ups in 2018, and Enterprise Tech included it in its 2019 list of the most promising private companies in enterprise technology.
Patented Technology-With its patented technology, AppZen’s unique approach to combining computer vision, semantic analysis and deep learning provides the technical foundation for our AI platform.
Please visit the AppZen blog to learn more about this announcement.
See AppZen for upcoming events
Chromium River Cascade, September 9-11, booth 13
Shared Services Leaders’ Summit: Process and Technology, 11-12 September
Digital Procurement World, September 18-19, Stand 6
AppZen is the world’s leading AI platform for modern finance teams Starting with business spending, we automate the manual process, uncover problems, and optimize decision-making for businesses around the globe, including nearly one-third of the Fortune 500. Our platform combines patented deep learning, computer vision, and semantic analysis with intelligence from thousands of online data sources to understand financial transactions in the business context and to make decisions before such transactions occur. AppZen is a must for CFOs and their teams to reduce spending, comply with policy and streamline the process.
Since we launched our platform in 2016, more than 1,500 companies have standardized AppZen, including four of the top five banks, four of the top ten media companies, three of the top ten pharmaceutical manufacturers, two of the top five aerospace companies and five of the top ten software providers. Please visit us at www Appzen’s Come and follow us on Twitter at @appZen
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