AppZen Raises $35 Million to Fuel Rapid Growth in Enterprise AI Platform for Real-Time Auditing
Summary
AppZen will use the funds to scale its team worldwide and expand its AI-powered product suite from expenses into invoices and contracts — to achieve its goal of auditing every dollar of spend across the enterprise.AppZen’s team invested over five years to build a sophisticated Machine Learning and Natural Language Processing platform that is now trusted by hundreds of the world’s most demanding enterprises for expense audits.AppZen is transforming T&E expense processing from weeks to seconds, saving enterprises hundreds of thousands of dollars within months of launching, as well as engendering broader cultural changes in employee behavior around company spend.Leveraging patented AI technology, AppZen uses computer vision, deep learning, and natural language processing to automatically read and audit expense reports, receipts, invoices and contracts while cross-checking that information against hundreds of online data sources.Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 300 companies globally, including Nutanix, AppDynamics, Mulesoft, Snap, GrubHub, and Nest.
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