Intelligent Accounts Payable Platform Glean AI Announces $10.8M of Funding
Summary
“Since adding our first customer in June 2021, we’ve helped businesses understand, optimize, and uncover savings insights on over $500 million in vendor spend by using machine learning that analyzes deal terms, line-item purchases, redundant offerings, and negotiation opportunities. Contributing to this is the fact that traditional accounts payable solutions do not provide critical information that can help Finance teams monitor and optimize their companies’ spend and better manage cash flow. Glean AI is positioned to disrupt this important area by building in the intelligence that saves customers significant time and money while also helping Finance teams to make more strategic and informed decisions. Glean AI is the only platform that analyzes line-item data and uses powerful algorithms to understand cost, value, purchasing trends, and opportunities for savings, all while helping companies pay invoices faster and cut out significant manual work. Armed with relevant context into vendor relationships, detailed insights into cost drivers, and actionable recommendations to avoid overspending, Finance teams using Glean AI drive profitable spend decisions and power their businesses to grow more intelligently.