Intelligent accounts payable firm Glean AI has raised $10.8m in seed financing to grow its platform and technology.
Leading the round was Contour Venture Partners, Amex Ventures, Infinity Ventures, Portage Ventures, B Capital Group, Parameter Ventures and several other venture funds and angel investors.
Glean AI claims it is the first intelligence accounts payable solution that combines smart automation with spend intelligence. The company’s platform analyses line-item data and uses powerful algorithms to understand cost, value, purchasing trends and opportunities for savings, while helping firms pay invoices faster and cut out significant manual work.
According to the firm, an estimated 14% of invoices contain billing errors and 11% of vendor spend could be reduced with greater scrutiny of invoices and billing relationships. This translates into $130bn wasted annually, just for SMEs.
Glean AI said it will use the money to accelerate its growth and industry-leading spend intelligence technology.
Glean AI founder and CEO Howard Katzenberg said, “Today we’re excited to share details on Glean AI, the first truly strategic accounts payable platform that helps companies save money through deep insights and automation.
“Since adding our first customer in June 2021, we’ve helped businesses understand, optimise, and uncover savings insights on over $500 million in vendor spend by using machine learning that analyses deal terms, line-item purchases, redundant offerings, and negotiation opportunities. We’re just getting started and excited to partner with our amazing set of investors to accelerate our mission of powering Finance teams to spend intelligently.”
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