AppZen, the world’s first Artificial Intelligence (AI) solution for back office automation, recently announced that it has raised $13 million in a Series A funding round.
This round was led by Redpoint Ventures, and saw participation from original seed investor Resolute Ventures. This investment brings the company’s total funding to over $17.5 million. AppZen aims to use this funding towards growing its base of enterprise customers. As part of the deal, Redpoint Partner Alex Bard will join AppZen’s board.
AppZen provides automated expense auditing and compliance solutions through its patented AI platform for back office automation that combines Natural Language Processing (NLP) and Computer Vision and Machine Learning. One of the major drawbacks of manual auditing is the error rate and the room for manipulation. AppZen overcomes this limitation through its AI backed platform that automatically detects accidental and intentional fraud as well as errors and misuse.
The company was founded in 2012 based on the insight that AI could be applied to reducing back office inefficiencies and improving employee productivity. Today, AppZen already works with 23 of the Fortune 1000.
“AppZen is an exceptional company with tremendous potential in the enterprise,” said Redpoint partner Alex Bard. “The team’s vision to automate the back office through AI is attracting some of the most innovative companies in the world including Amazon, Intuit and Comcast. These companies are experiencing significant benefits to their business leveraging AppZen’s technology.”
“Ensuring compliance with regulatory requirements is critical for our success as a global business,” said Melanie Gallagher, senior manager of global compliance at Intuit. “AppZen’s AI-powered expense auditing service has been easy to use and helped us manage external and internal compliance matters.”
“Finding errors in expense reports is like finding a needle in a haystack,” said Anant Kale, co-founder and CEO of AppZen. “We’re giving companies the ability to achieve 100% compliance and protect themselves from both intentional and unintentional fraud, a problem estimated at half trillion dollars in the U.S. alone. AppZen’s platform detects problems before it’s too late by analyzing all expense report data, and cross-checking it with hundreds of external and social media data sources in real-time.”