AppZen, a US-based back office automation technology developer backed by payment services provider MasterCard and media company Bloomberg, closed its $13m series A round on Wednesday.
Redpoint Ventures led the round, which included fellow venture capital firm Resolute Ventures. It increased AppZen’s total funding to more than $17.5m since the company was founded in 2012.
AppZen has developed an artificial intelligence-powered platform that audits expense reports and receipts to detect fraud, errors and misuse. It also provides businesses with real-time information on compliance with company policies and regulatory rules.
The company, which counts 23 of the Fortune 1000 among its customers, will use the funding to expand its team.
AppZen graduated from 500 Startups’ accelerator in 2015 before raising $2.9m in a June 2016 seed round backed by Bloomberg’s corporate venturing arm, Bloomberg Beta, as well as MasterCard, Resolute Ventures, Silicon Valley Bank and Funders Club.
Anant Kale, co-founder and chief executive of AppZen, said: “We are giving companies the ability to achieve 100% compliance and protect themselves from both intentional and unintentional fraud, a problem estimated at half trillion dollars in the US alone.
“AppZen’s platform detects problems before it is too late by analysing all expense report data and cross-checking it with hundreds of external and social media data sources in real time.”