OpenEnvoy, an Oakland, CA-based AI company that has built a solution for accounts payable (AP) automation, raised $15M in Series A funding.
The round was led by RRE Ventures, with participation from Coelius Capital, Hack VC, Riot Ventures, and Uncorrelated Ventures.
The company intends to use the funds to accelerate its growth and expand its global presence.
Led by CEO Matthew Tillman, OpenEnvoy automates finance processes, preventing billions of dollars in overpayments. Through advanced AI, the platform digitizes invoices and performs reconciliation while eliminating billing errors and interdepartmental approval processes. OpenEnvoy processes all types of invoices, but is especially known for its ability to manage high-volume, variable-cost invoices for complex accounts payables.
OpenEnvoy’s controls protect customers from vendor fraud, keep cash flow safe, and hold vendors accountable. The company’s solutions also feature no-code integration to get clients up-and-running quickly and easily. Using AI to automate this tedious, repetitive work for AP teams frees up significant resources, increases effectiveness for faster time-to-value, and eliminates complex approval workflows while unleashing business creativity leading to new opportunities for growth and success.
FinSMEs
03/05/2023