AppZen completes $35M Series B funding round

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AppZen, which makes artificial intelligence auditing solutions for businesses, has raised $35 million in a Series B funding led by Lightspeed Venture Partners.

The company reports a total of more than 650 customers since its launch 18 months ago. Indeed audit is having a “moment,” fueled by AI that is now ready to take the audit function and change it in a drastic way. The American Institute of CPAs recently announced an initiative to “radically change” audit methodology in the short term; AppZen is harnessing the same momentum to build its AI-powered audit technology.

Existing Series A investor Redpoint Ventures and seed investor Resolute Ventures also participated in this round of funding for AppZen. The company plans to use the funds to scale its team worldwide and expand its AI-powered product suite from expenses into invoices and contracts, its stated goal being to “audit every dollar of spend across the enterprise.” The Series B round brings AppZen’s total funding to $52 million.

“We remain focused on our goal to become the AI platform that audits all business processes in real time, driven by the organization’s CFO,” said Anant Kale, co-founder and CEO of AppZen, in a statement. “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’m thrilled by the dedication from our growing team and the support from new investors to help us realize our vision.”

“Business processes in the enterprise back office are manual, rules based, and cumbersome, which makes them a perfect target for AI,” added Arif Janmohamed, partner at Lightspeed Venture Partners. “We see many AI companies that lack the context and personalization to form the foundations of Authentic Artificial Intelligence. AppZen’s team invested over five years to build a sophisticated Machine Learning and Natural Language Processing platform that is now trusted by hundreds of the world’s most demanding enterprises for expense audits. AppZen is transforming the enterprise with a practical and valuable business application, today.”

AppZen has gotten in early to the rush to make audit completely AI-powered in the short term. Perhaps because of this, the company claims Amazon, Citi, Hitachi, Salesforce, Comcast, Intuit, Airbus and CBS among its customers.

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