AppZen, the US-based business automation software provider that numbers media group Bloomberg and payment services firm Mastercard among its investors, has completed a $35m series B round.
The round was led by venture capital firm Lightspeed Venture Partners and also featured fellow VC firms Redpoint Ventures and Resolute Ventures. It was closed at a $175m post-money valuation according to Pitchbook.
Founded in 2012, AppZen has created a software platform that utilises machine learning and natural language processing technology to automatically read documents such as expense reports, invoices and receipts, checking the content against online data and flagging up any anomalies.
Anant Kale, AppZen’s co-founder and chief executive, said: “The AI-driven future of work has matured to the back office, transforming the workplace to make companies more efficient and pleasant places to work.
“AppZen is growing extremely quickly and I am thrilled by the dedication from our growing team and the support from new investors to help us realise our vision.”
The company said the round boosted its total funding to $52m. It raised $2.9m of that in a mid-2016 seed round that was led by Resolute and backed by Bloomberg subsidiary Bloomberg Beta, Mastercard, Silicon Valley Bank and FundersClub.
Redpoint Ventures subsequently led a $13m series A round for AppZen in November 2017 that included Resolute Ventures. AppZen is also a graduate of 500 Startups’ accelerator.
