OpenEnvoy, an Oakland, CA-based AI company that has built the industry-leading solution for accounts payable (AP) automation, announced that it secured $15 million in Series A financing.
The round was led by RRE Ventures, with participation from Coelius Capital, Hack VC, Riot Ventures, and Uncorrelated Ventures.
This funding will enable OpenEnvoy to accelerate its growth and expand its market leadership with its transformative AI-powered AP automation solution.
"We're thrilled to continue pushing the boundaries in AI for the 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 OpenEnvoy platform quickly digitizes invoices and does reconciliation using advanced AI. The company's solutions also provide no-code integration, which allows clients to be up and running quickly and easily.
Company: OpenEnvoy, Inc.
Round: Series A
Funding Month: May 2023
Lead Investors: RRE Ventures
Additional Investors: Coelius Capital, Hack VC, Riot Ventures, and Uncorrelated Ventures
Company Website: https://openenvoy.com/
Software Category: Accounting Software
About the Company: OpenEnvoy is a real-time AP automation solution that audits before payment. It automates costly finance processes, preventing billions of dollars in overpayments, and processes all types of invoices. OpenEnvoy creates end-to-end visibility, greater operational efficiency, & improved cash flow for finance leaders and teams. OpenEnvoy empowers finance teams with advanced AI-driven visibility, automation, and cash flow solutions.