Artificial intelligence (AI) enterprise company AppZen closed a $2.9 million seed round today.
AppZen uses machine learning algorithms and natural language processing to automate and analyze expense reports for fraud. The company plans to extend into other back-office functions like accounting in the future, according to spokesperson Michelle O’Rourke.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":1985884,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"D"}']An Association of Certified Fraud Examiners survey of 2,400 companies found that more than $6 billion is lost to expense fraud every year. AppZen claims it can reduce auditing costs 80 percent and greatly improve a business’s ability to catch fraud.
Other players in the enterprise and expense reporting software space include SAP, Unit4, Sapho, and more than 50 applicants to the Botcamp accelerator.
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AppZen, based in Sunnyvale, California, graduated from the 500 Startups accelerator in 2015. The round was led by Resolute Ventures and includes investment from Silicon Valley Bank, MasterCard, and Bloomberg Beta.
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