AppZen swipes $50 mn in Series C round led by Coatue Management

Anant Kale, Co-Founder & CEO, AppZen

AppZen, a California-based AI platform provider, has raked in $50 million in Series C round led by Coatue Management along with existing investors Redpoint Ventures and Lightspeed Venture Partners.

The new capital injection has brought the company’s total investment to more than $100 million. The company plans to use the new funds to boost its popularity among CFOs and their teams and to further reduce its expenses, ensure compliance with policies and streamline its processes.

“With this funding, we are able to focus on expanding our AI, engineering and product teams while maintaining our unique company culture, supporting the needs of our customers, and expanding our capabilities to continue to break ground on AI solutions for enterprise CFOs and their teams,” Anant Kale, Co-Founder and CEO of AppZen stated.

The platform automates manual processes, uncovers problems, and optimizes decision making for reportedly more than 1,500 global enterprises including Airbus, Amazon, Novartis, and Salesforce. Its AI platform combines patented computer vision, deep learning and semantic analysis with intelligence from thousands of online sources to understand financial transactions in the business context and make decisions before the transactions happen.

“AppZen allows enterprises to do something they’ve never been able to do – audit 100 percent of their spend at scale with the team they have, all before payments go out the door. AI lets CFOs dramatically reduce spending, comply with policy and streamline the process as they pursue their digital transformation goals,” said Thomas Laffont, Senior Managing Director for Coatue Management.

“Our AI technology learns from data, intelligence from thousands of internal and online sources, and the collective feedback from thousands of finance professionals. The result is the most effective spend auditing solution in the market today, powered by an AI platform that has been architected to solve the most critical business needs across all of finance,” Anant added.

AppZen’s vision is to assist decision making across different verticals of finance, including expenses, revenue, cash, treasury, and beyond, it said in a statement. The company plans to focus on the process automation, pre-transaction decision making, and the integration of intelligence from high volumes of internal and external data.

Related Posts