SAN JOSE — AppZen, developer of an artificial intelligence platform for use by enterprise finance departments, has secured $50 million in Series C funding led by Coatue Management. Existing investors Redpoint Ventures and Lightspeed Venture Partners also participated in the round. This brings the company’s total investment to more than $100 million.
AppZen automates manual processes, uncovers problems, and optimizes decision making for 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 business context and make decisions before those transactions happen. Starting with expenses and payables, AppZen’s vision is to assist decision making across a large swath of finance, including spend, revenue, cash, treasury, and beyond. The company will focus on pain points at the intersection of process automation, pre-transaction decision making, and the integration of intelligence from high volumes of internal and external data.
“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 spend, comply with policy and streamline process as they pursue their digital transformation goals,” said Thomas Laffont, Senior Managing Director for Coatue Management. “When we met Anant, Kunal and the team, we were struck by their AI expertise and finance transformation vision, not to mention the company’s clear and rapid execution in the market.”
“Until now, true digital transformation in the CFO’s organization has been limited. Many finance processes require time-consuming analysis of documents like contracts, invoices and receipts. 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,” said Anant Kale, Co-Founder and CEO of AppZen. “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.”
AppZen says the company quintupled its revenue in 2018 and now has over 200 employees. It will increase its workforce by 146 percent by the end of the year.