Fazeshift – an AI agent for Accounts Receivable – announced it raised $4 million in seed funding led by Gradient, Google’s early-stage AI fund. The funding round also included investment from Y Combinator, Wayfinder, Pioneer Fund, Ritual Capital, Phoenix Fund, and prominent angels, including Terrence Rohan, Kulveer Taggar, and Rich Aberman.
Enterprises spend hundreds of billions annually managing accounts receivable (AR), and they have to deal with manual tasks such as reconciling payments, generating invoices, and chasing overdue accounts. Fazeshift addresses these processes by automating everything from invoice creation to payment reconciliation, freeing teams from hours of manual work.
Unlike traditional robotic process automation (RPA) tools, which often struggle to understand the nuances of accounts receivable, Fazeshift’s LLM-powered approach easily utilizes complex workflows. And Fazeshift utilizes highly specialized LLM prompts tuned to each specific task, enabling it to achieve the accuracy and flexibility required for enterprise-grade operations.
Fazeshift’s AI agents can handle complex billing workflows, send customer emails, and even update accounting records. This is done by manipulating the same software tools that human teams previously used. Fazeshift has proven that AI agents can penetrate even the most sensitive business processes.
Fazeshift is already working with several large enterprise customers and automating workflows that previously required teams with many people. As the accounts receivable space becomes increasingly complex, Fazeshift is positioning itself as the go-to solution for enterprises looking to streamline their AR process.
KEY QUOTES:
“We are seeing AI agents that can reason, perform human-like tasks, and do so with the nuance required for these more sensitive business applications. Eventually we’re going to see all tedious and manual back-office tasks be eliminated. The opportunity for transformation in AR is massive, and this funding allows us to accelerate our product development and customer acquisition efforts.”
– Caitlin Leksana, CEO and Co-Founder of Fazeshift
“The B2B payments stack is being completely reinvented since AI agents have become more mainstream. Finance teams at companies large and small typically struggle with monthly reconciliation and collecting overdue invoices. These finance processes are typically manual and tedious. We’re excited to partner with the Fazeshift team as they streamline finance processes while still giving significant customization and visibility to finance operations teams.”
– Darian Shirazi, Managing Partner at Gradient
