Resolute Ventures has helped AI-centric automated expense report auditing and compliance startup AppZen to a $2.9m funding round.
Bloomberg Beta, Silicon Valley Bank, MasterCard and FundersClub also backed the seed round.
AppZen CEO Anant Kale said, “We’re thrilled to announce that we have closed our seed round – the size and participants of which are a testament to our vision and current automated expense report audit solution.
“Using AI we’re able to automate processes that have required a human decision, which is expensive and prone to error.
“We are going to be able to save enterprises a lot money and heartache with compliance issues, and we’re very excited about that.”
AppZen uses patent-pending Natural Language Processing machine learning algorithms to help companies review expense report data, cross-check it with external sources and social media in real-time, and detect compliance problems before it is too late.
The automated tool also offers a “virtual assistant” function that helps employees gather expenses for reporting, lowers expense processing costs up to 80 percent and identifies up to 10 times more financial risks, the company says.
Resolute Ventures partner Raanan Bar-Cohen said, “There is a huge opportunity for automating back office functions, but we haven’t seen anyone nail it – until now.
“With its AI technology, AppZen is making total compliance for enterprise attainable, and we’re excited to be a part of it and eager to watch as the company applies its technology to other back office functions.”
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