AppZen, a provider of artificial intelligence (AI) auditing solutions, has secured $35 million Series B financing led by Lightspeed Venture Partners.
AppZen is looking to capitalize on the booming interest in applying AI and other advanced analytics technology to internal audit processes. Since launching its audit technology 18 months ago, AppZen has attracted over 650 customers, including Amazon, Citi, Comcast, Salesforce, and Airbus. Its primary product helps companies audit expense reporting using advanced AI processing and analytics.
The company plans to use the funds to scale its team worldwide and expand its AI-powered product suite from expenses into invoices and contracts. Its stated goal is to enable companies to “audit every dollar of spend across the enterprise.”
The company says its products enable accounts payable and T&E teams to detect fraud, compliance issues, and pricing violations within minutes of an expense report or invoice submission.
“We remain focused on our goal to become the AI platform that audits all business processes in real time, driven by the organization’s CFO,” said Anant Kale, Co-Founder and CEO of AppZen. “The AI-driven future of work has matured to the back office, transforming the workplace to make companies more efficient and pleasant places to work. AppZen is growing extremely quickly and I’m thrilled by the dedication from our growing team and the support from new investors to help us realize our vision.”
The company says its AI-powered technology can reduce the annual T&E spend by as much as 5 percent, while improving compliance and the employee experience. It also says the technology improves financial risk detection tenfold and cuts human resources required to process expense reports by up to 90 percent. “This frees up finance teams to take a more analytical role and make data-driven decisions one step removed from the transactional tasks of daily workflows,” the company states.
Existing Series A investor Redpoint Ventures and seed investor Resolute Ventures also participated in the round. The investment brings the company’s total funding to more than $52 million. 