AppZen, a Santa Clara, Calif.-based Artificial Intelligence (AI) solution for back office automation, raised $13m in Series A financing.
The round was led by Redpoint Ventures with participation from Resolute Ventures. In conjunction with the funding, Redpoint Partner Alex Bard will join the AppZen board.
The company, which has raised over $17.5m in total funding, intends to use the funds to scale the team and business.
Led by Anant Kale, co-founder and CEO, AppZen provides an Artificial Intelligence (AI) solution for back office automation. The service uses AI to automate expense report auditing and instantly detect compliance issues and fraud. AppZen’s patented AI is able to automatically read and understand expense reports, receipts, and travel documents and cross-check them with hundreds of data sources in real-time to determine the accuracy and legitimacy of every expense. This enables companies to detect fraud and compliance issues in real-time.
The platform, which integrates with all major expense reporting tools, including Oracle (NYSE: ORCL) and Concur, an SAP (NYSE: SAP) company, has already been used by enterprise such clients as Amazon (AMZN), Hitachi, Comcast (NASDAQ: CMCSA), Sunrun (NASDAQ: RUN) and Intuit (NASDAQ: INTU).