AppZen Claims $2.9M Seed Round Led by Resolute Ventures for Artificial Intelligence
AppZen, the first AI solution for back office automation, announced today that it has closed on a profitable seed funding round with $2.9 million to boast.
The round was led by Resolute Ventures in order to help the company expand.
AppZen offers the first automated expense report auditing and compliance for businesses.
In addition to the funds AppZen received from Resolute Ventures, AppZen also received investments from a number of financial technology focused investors, including Bloomberg Beta, Silicon Valley Bank, and MasterCard, as well as FundersClub.
“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,” said Anant Kale, CEO of AppZen, which is based in Sunnyvale, Calif. “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.”
Regardless of the recent findings suggesting a significant amount of money lost in expense fraud, the Association of Certified Fraud Examiners reported $441 billion in travel and expense fraud annually; very few companies fully audit expenses.
The high cost attached to expense auditing causes companies to use random sampling and threshold-based auditing to catch policy violations or fraud, leaving them fairly vulnerable.
“There is a huge opportunity for automating back office functions, but we haven’t see anyone nail it – until now,” said Raanan Bar-Cohen, Partner at Resolute Ventures. “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.”