AppZen uses artificial intelligence to automate expense report audit to detect accidental and intentional fraud in expense reports and ensure compliance to regulatory requirements like Anti Bribery and Corruption and FCPA.
AppZen, which builds AI-powered tools to automate functions within the finance department, has raised another $50 million in funding led by Coatue Management, with previous investors Redpoint Ventures and Lightspeed Venture Partners also participating.
As the future of Enterprise Automation evolves, new industry categories continue to emerge.
The long awaited Part 2 of 3 of this series has arrived. It has taken me a significant amount of time longer to put together than I had anticipated. Now the wait is over, here it is…
AppZen, developer of the world’s first back office automation artificial intelligence (AI) solution, is pleased to announce their recognition as one of the recipients of the Institute of Finance & Management’s (IOFM) Game Changer Awards.
Headquartered in California, AppZen patented AI technology combines computer vision, deep learning, and NLP to understand the full context of expenses, and cross-checks them in real-time against thousands of external and social sources to determine if they are legitimate and accurate.
AppZen, the first artificial intelligence (AI) solution for back office automation, today announced the integration of its expense report audit tool, which uses AI to automate expense report auditing, with Concur®, the leading provider of spend management solutions and services.
AppZen, the first AI solution for back office automation, announced today that it has called time on a profitable seed funding round with $2.9 million to boast. The round was led by Resolute Ventures in order to help the company expand. AppZen offers the first automated expense report auditing and compliance for businesses.
Many experts believe that by 2050 machines will have reached human level intelligence. Although this is some way off, many knowledge-based jobs are already being augmenting with artificial intelligence techniques. Indeed, 25% of all job-based tasks could be automated by 2019, according to Forrester Research. We track hundreds of innovative companies that are using artificial intelligence (including machine learning and natural language processing), so decided to pick out some of our favourites that are automating knowledge-based work across a range of jobs.
AppZen, a Sunnyvale, California-based startup, is leveraging natural language processing and machine learning to automate the expense report process. The company bills itself as an ambient expense manager, and it works in the background by tracking your expenses as they happen and creates a report for you.
AppZen has developed what it calls an ambient way to do expense reports. Its patent-pending technology uses artificial intelligence to automatically create expense reports based on user data like receipts, credit cards, calendars and travel itineraries. It provides real-time compliance with IRS rules and company policies, and automatically audits and assigns risk scores to every expense to detect fraud and misuse.