AppZen combines patented deep learning, computer vision, and semantic analysis with intelligence from thousands of online data sources. These sources allow AppZen to recognize and authorize expenses on approved lists and highlight infractions. From this data, AppZen scores employees on a behavioral index tabulated through past expenses.
After graduating from the 500 Startups accelerator and MasterCard Start Path in 2014, AppZen announced a Seed round of $2.9 million in June of 2016. Resolute Ventures led the round which included investment from Bloomberg Beta, Silicon Valley Bank, MasterCard and FundersClub.
AppZen announced the conclusion of their Series A funding at $13 million in November 2017. Redpoint Ventures led the round which included Resolute Ventures.
In October 2018, AppZen announced a $35 million year round. The round was led by Lightspeed Venture Partners with participation from Redpoint Ventures and Resolute Ventures.
Announced in September of 2019, AppZen raised $50 million in funding. Coatue Management led the round which included participation from Redpoint Ventures and Lightspeed Venture Partners. AppZen's post money valuation was $500 million.
The AppZen platform audits expense reports to spot compliance issues, waste, and potential fraud prior to reimbursement. All extracted receipt and document data is cross checked against internal policies and online data sources to spot discrepancies. Managers can use the Expense Audit dashboard to find top spending areas, high-risk employees and mark false-positives.
The tool can also be used to audit invoices prior to payment, to spot compliance issues, incorrect rates, and potential fraud.
AppZen monitors supplier contracts terms to enforce compliance across the AP process.
AppZen's Insights provides supplier invoice automating. Through Insights, supplier invoices are audited for errors, fraud, and out-of-compliance spend. While contract intelligence offers analysis of key dates, terms and pricing to find expired certificates and potentially problematic signees. Insights also offers low-risk expense report approval and finds incremental supplier cost increases, or supplier cost spikes.
Alberto Lopez Toledo
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