AppZen, a San Jose, Calif.-based leader in Artificial Intelligence (AI) solutions for business automation, closed a $35m Series B financing.
The round was led by Lightspeed Venture Partners, with participation from existing investor Redpoint Ventures and seed investor Resolute Ventures.
The company intends to use the funds scale its team worldwide and expand its AI-powered product suite from expenses into invoices and contracts.
Led by Anant Kale, CEO, AppZen uses artificial intelligence (AI) to automate the auditing process of a company’s overall spend. Leveraging patented AI technology, the company’s system uses computer vision, deep learning, and natural language processing to automatically read and audit expense reports, receipts, invoices and contracts while cross-checking that information against hundreds of online data sources.
This enables Accounts Payable and T&E teams to detect fraud, compliance issues and pricing violations within minutes of an expense report or invoice submission.
The company was founded in 2012 and today works with more than 25 Fortune 1000 companies including Amazon, Citi, Hitachi, Salesforce, Comcast, Intuit, Airbus, CBS and others. It has an additional office in Chandler, Arizona.