Silicon Valley AI company OpenEnvoy, which has developed an industry-leading solution for accounts payable (AP) automation, has announced raising $15m in a Series A funding round.
The investment was led by RRE Ventures and featured participation from Coelius Capital, Hack VC, Riot Ventures, and Uncorrelated Ventures.
OpenEnvoy aims to prevent billions of dollars in overpayments by automating costly finance processes. The company’s advanced AI platform quickly digitizes invoices and achieves 99% accurate reconciliation, eliminating billing errors and time-consuming interdepartmental approval processes. While OpenEnvoy can process all types of invoices, it is particularly adept at handling high-volume, variable-cost invoices for complex accounts payables.
With the new funding, OpenEnvoy plans to extend its industry leadership and fuel growth by automating AP and other financial processes. This will empower finance teams to focus on more strategic activities, leading to significant hard dollar returns through improved cash flow and operational efficiencies.
OpenEnvoy’s best-in-class controls protect customers from vendor fraud and keep cash flow safe, while also holding vendors accountable. The company’s solutions require no-code integration for quick and easy implementation. By using AI to automate repetitive work for AP teams, OpenEnvoy frees up significant resources, increases effectiveness for faster time-to-value, and eliminates complex approval workflows, leading to new opportunities for growth and success.
OpenEnvoy CEO Matthew Tillman said, “We’re thrilled to continue pushing the boundaries in AI for automation of financial processes. With this new round of funding, we’re well positioned to extend our industry leadership and growth.”
RRE Ventures General Partner Jason Black said, “OpenEnvoy is poised to reshape an industry that has gone largely unchanged over the past 100 years. Their unparalleled AI technology paired with integrated document digitization and processing technology fundamentally transforms the AP function, delivering immediate value and frequently saving customers millions in overpayments.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global