Aavenir, a provider of artificial intelligence (AI)-based source-to-pay (S2P) solutions, has raised $6 million in Series A funding, the company announced on Tuesday (March 22).
Aavenir said it would use the capital to create new products, increase its S2P solutions footprint and strengthen its sales team for market expansion.
Palo Alto, Calif.-based global venture capital firm Accel led the round, according to the release, which also saw participation from Los Angeles-based venture capital firm ScOp Venture Capital.
Aavenir said its mission is to make S2P smarter, faster, and more fun through technology. The company helps companies collaborate, streamline and automate workflow for onboarding, contract lifecycle management, procurement, obligation management and vendor invoice automation on the platform. ServiceNow form.
Additionally, the company offers what it calls the “future of work” to optimize supplier sourcing, business relationships, and spend management.
“Aavenir has uniquely positioned its solutions with a comprehensive set of fully configurable features powered by digital workflows, machine learning and NLP [natural language processing] that automates manual tasks, speeds up approvals and frees up time for strategic activities,” Accel Partner Prayank Swaroop said in a statement.
Last summer, Aavenir announced that it was integrating its Aavenir Invoiceflow product and its ServiceNow Project Portfolio Management application to advance and automate expense tracking.
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The integration should provide project managers with the ability to monitor project costs against budgeted expenses in real time. The data allows managers to take preventive measures or make necessary changes.
“Many project managers continue to struggle with disparate systems and must rely on multiple sources of data to monitor project costs and communicate progress to stakeholders. Additionally, manually entering actual costs is error-prone, time-consuming and lacks real-time visibility,” Aavenir founder and CEO Jesal Mehta said at the time.