Rimilia, an AI-powered platform designed to help manage order-to-cash processes, has scored $15m in growth funding.
The round was supported by previous backers Eight Road Ventures, Kennet Partners and Silicon Valley Bank. With the close of the round, the FinTech has raised a total of $40m in equity.
Funds from the round are earmarked to support product innovation, invest in new talent and support the company’s global expansion.
Rimilia is a software as a service (SaaS) platform which empowers finance teams to automate the management of cash and credit. Its AI technology provides training and insights to improve decision making.
This investment comes after a strong year of growth for the company, which saw it add 67 new members to its team and open offices in the UK, US and Canada.
Rimilia CEO Kevin Kimber said, “This additional capital sets Rimilia up for continued success, and will be used to build out our market presence and advance our software, while also focusing on building out our team to add further subject matter expertise and leading data scientists to further advance our automation and AI.”
Last year, the company released a new Financial Relationship Management (FRM) service which gives finance teams real-time customer insights. Leveraging AI technology, the service can manage customer relationships, sales, customer success, credit and collections, enterprises.
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