New Investment Fuels AP Automation Leader’s Growth, Expanding Global Footprint
Oakland, Calif. – May 3, 2023 – OpenEnvoy, the Silicon Valley AI company that has built the industry-leading solution for accounts payable (AP) automation, today announced it secured $15 million in Series A financing led by RRE Ventures, including participation from Coelius Capital, Hack VC, Riot Ventures, and Uncorrelated Ventures.
OpenEnvoy automates costly finance processes, preventing billions of dollars in overpayments. Through advanced AI, the OpenEnvoy platform rapidly digitizes invoices and performs reconciliation with 99 percent accuracy while eliminating costly billing errors and lengthy interdepartmental approval processes. OpenEnvoy processes all types of invoices, but is especially well known for its ability to manage high-volume, variable-cost invoices for complex accounts payables.
“We’re thrilled to continue pushing the boundaries in AI for automation of financial processes,” says Matthew Tillman, CEO of OpenEnvoy. “With this new round of funding, we’re well positioned to extend our industry leadership and growth. By automating AP and other financial processes, OpenEnvoy empowers finance teams to focus on more strategic activities that help our clients recognize significant hard dollar returns through improved cash flow and operational efficiencies.”
The market requires solutions that are highly accurate, processed in real-time, and deliver bottom-line value. OpenEnvoy’s best-in-class controls protect customers from vendor fraud, keep cash flow safe, and hold vendors accountable. The company’s industry-proven 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.
“OpenEnvoy is poised to reshape an industry that has gone largely unchanged over the past 100 years,” says Jason Black, General Partner at RRE Ventures. “Invoice processing is still overwhelming, error-prone, and tedious even in the rare cases in which it has been fully-digitized. For most businesses, invoice processing is not a human scale problem any longer—that’s why most companies do spot checks, not full audits. OpenEnvoy’s unparalleled AI technology paired with its integrated document digitization and processing technology fundamentally transforms the AP function delivering immediate value and frequently saving customers millions in overpayments. As the lead investor in OpenEnvoy’s Series A round, RRE Ventures is extremely proud to support the growth of this category-defining company.”
“OpenEnvoy digitizes highly complex invoices with full accuracy and the highest speed in the market,” says Will Coffield, General Partner at Riot Ventures. “They specialize in solving exceptionally complex challenges in extremely complicated industries including logistics, transportation and manufacturing. They’re modernizing old, insular industries – precisely why we’re doubling down in this round.”
“Our philosophy is that ideas are meaningless, validated ideas are priceless,” says Zach Coelius, Managing Partner at Coelius Capital. “We’re investing in OpenEnvoy because they’ve more than validated end-to-end automation being the key to success, especially with so many jobs evolving. Finance is about results, and capital markets want to see immediate, meaningful ROI.”
“Finance teams demand greater efficiency, higher yield, and better cash flows by automatically identifying invoice discrepancies, automating the aging process, and uncovering valuable insights into vendor networks,” says Salil Deshpande, General Partner at Uncorrelated Ventures. ”We’re investing in OpenEnvoy because companies are working with them to meet all of these needs. Organizations who aren’t, need to start doing so, yesterday.”
Learn how OpenEnvoy is transforming accounts payable by requesting your AP automation demo with an expert here.
OpenEnvoy empowers finance teams with advanced AI-driven visibility, automation, and cash flow solutions. Learn how the company prevents wasted spend by visiting www.openenvoy.com. Gartner names OpenEnvoy leading vendor for AP invoice automation. Read more at Future FinOps or follow @OpenEnvoy on Twitter and LinkedIn.
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Vice President of Marketing, OpenEnvoy