Mountain View-based company Stampli has raised $25m in a Series B round led by SingalFire, the venture capital firm.
Other investors participating in the raise included previous investors Hillsven Capital and Bloomberg Beta as well as the new investor NextWorld Capital.
With this new round, Stampli has raised $32m in total.
The startup will use its new financial muscles to keep developing its platform that uses artificial intelligence and a combination of automation and communications to empower clients to take full control of their accounts payable (AP) process.
The AI also allows users to recognise patterns and learn how each company allocates costs, manages approval flows and extracts invoice data.
Stampli claims to process more than $12bn of invoices per year, which it says represents a quadruple increase since the beginning of 2018.
“AP plays a critical role within every company, ultimately controlling the procure to pay process, and touching every department within a company,” said Eyal Feldman, co-founder and CEO of Stampli.
“Yet until recently, there had been virtually zero innovation in the space with solutions providers completely ignoring the collaborative nature of the entire process. Stampli redefines invoice management by turning the invoice into a communication tool allowing AP to seamlessly collaborate with all departments and external vendors.”
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