OpenEnvoy – an AI company that has built the industry-leading solution for accounts payable (AP) automation – announced it raised $15 million in Series A financing led by RRE Ventures, including participation from Coelius Capital, Hack VC, Riot Ventures, and Uncorrelated Ventures.
Essentially, OpenEnvoy automates costly finance processes, preventing billions of dollars in overpayments. And through advanced AI, the OpenEnvoy platform quickly digitizes invoices and performs reconciliation with 99% accuracy while eliminating costly billing errors and lengthy interdepartmental approval processes. Plus OpenEnvoy processes all types of invoices but is especially well known for its ability to manage high-volume, variable-cost invoices for complex accounts payables.
The market needs solutions that are highly accurate and processed in real-time, and deliver bottom-line value. And OpenEnvoy’s best-in-class controls protect customers from vendor fraud, keep cash flow safe, and hold vendors accountable. And the company’s industry-proven solutions also feature no-code integration to get clients up-and-running quickly and easily. Using AI to automate this repetitive work for AP teams frees up significant resources, increases effectiveness for faster time-to-value, and eliminates complex approval workflows while unleashing business creativity leading to new opportunities for growth and success.
The human administrative overhead is responsible for about $765 billion annually in unnecessary costs. And drug launches take 10 to 15 years and cost more than $2 billion due to inefficiencies in recruiting and retaining patients during clinical trials. The problem is that 90% of the data relied upon for clinical decisioning is unstructured and impossible to analyze at scale. And as a result, most processes remain manual and inefficient. Organizing that data so it is instead structured and contextually linked is critical to assist often non-technical knowledge workers make decisions based on data.
KEY QUOTES:
“We’re thrilled to continue pushing the boundaries in AI for automation of financial processes. 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.”
— Matthew Tillman, CEO of OpenEnvoy
“OpenEnvoy is poised to reshape an industry that has gone largely unchanged over the past 100 years. Invoice processing is still overwhelming, error-prone, and tedious even in the rare cases in which it has been fully digitized. For most businesses, invoice processing is not a human-scale problem any longer—that’s why most companies do spot checks, not full audits. OpenEnvoy’s unparalleled AI technology paired with its integrated document digitization and processing technology fundamentally transforms the AP function delivering immediate value and frequently saving customers millions in overpayments. As the lead investor in OpenEnvoy’s Series A round, RRE Ventures is extremely proud to support the growth of this category-defining company.”
— Jason Black, General Partner at RRE Ventures
“OpenEnvoy digitizes highly complex invoices with full accuracy and the highest speed in the market. They specialize in solving exceptionally complex challenges in extremely complicated industries including logistics, transportation and manufacturing. They’re modernizing old, insular industries – precisely why we’re doubling down in this round.”
— Will Coffield, General Partner at Riot Ventures
“Our philosophy is that ideas are meaningless, validated ideas are priceless. We’re investing in OpenEnvoy because they’ve more than validated end-to-end automation being the key to success, especially with so many jobs evolving. Finance is about results, and capital markets want to see immediate, meaningful ROI.”
— Zach Coelius, Managing Partner at Coelius Capital
“Finance teams demand greater efficiency, higher yield, and better cash flows by automatically identifying invoice discrepancies, automating the aging process, and uncovering valuable insights into vendor networks. We’re investing in OpenEnvoy because companies are working with them to meet all of these needs. Organizations who aren’t, need to start doing so, yesterday.”
— Salil Deshpande, General Partner at Uncorrelated Ventures
