AppZen, a San Jose, CA-based AI platform for modern finance teams, secured $50m in Series C funding.
The round, which brought total investment to more than $100m, was led by Coatue Management, with participation from existing investors Redpoint Ventures and Lightspeed Venture Partners.
The company intends to use the funds to continue to expand operations and its business teams.
Led by Anant Kale, Co-Founder and CEO, AppZen automates manual processes, uncovers problems, and optimizes decision making for more than 1,500 global enterprises 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 business context and make decisions before those transactions happen. Starting with expenses and payables, the company’s vision is to assist decision making across a large swath of finance, including spend, revenue, cash, treasury, and beyond.
AppZen recently surpassed the 1,500 customer mark and 200 employees in San Jose, London, and Arizona.