AppZen, a Sunnyvale, CA-based provider of automated expense report auditing & compliance software, raised $2.9m in seed funding.
The round was led by Resolute Ventures, with participation from MasterCard, Bloomberg Beta, FundersClub and Silicon Valley Bank.
The company intends to use the funds to grow operations.
Led by Anant Kale, CEO, AppZen provides an artificial intelligence (AI) automated expense report auditing and compliance solution. By using patent-pending Natural Language Processing (NLP) machine learning algorithms, companies can review expense report data, cross-check it with external sources and social media in real-time, and detect compliance problems.
The tool also offers a virtual assistant function that allows employees to gather expenses for reporting.
AppZen, which graduated 500 Startups in the Spring of 2015, integrates with all existing expense reporting tools, including Oracle (NYSE: ORCL).
Enterprise clients include Hitachi, SunRun (NASDAQ: RUN) and Cantor Fitzgerald.