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.
Developer of World-First Artificial Intelligence Solution Recognized for Excellence in Its Field
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.
Epstein, Former CFO and Current Board Member to Number of Leading Enterprises, to help AppZen Continue its Quest to Revolutionize Back Office Function
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.
Prior to AppZen, Anant was Vice President at Fujitsu and has over 12 years experience in software application development and managed >$25M budgets and large distributed teams. Anant has expertise in Enterprise Systems and business process. He received his MBA and B.S. in Engineering at the University of Mumbai.
Prior to AppZen, Kunal led several R&D initiatives at Accenture and has expertise in semantic technologies, natural language processing and machine learning. Kunal has published over 50 papers and has been granted 7 patents. He received his PhD in Computer Science with focus on Semantic Technologies at the University of Georgia.
Startup pro with multi-functional growth expertise across Marketing, Sales, and Business Development. Expertise connecting startups with customers and partners to grow their business. Former engineer & entrepreneur, and enemy of the status quo. Enjoy being hands-on and getting stuff done.
Marissa has served in a number of senior finance positions including most recently the CFO at Fujitsu, VP of Finance at JDSU and before that worked at Brocade, Oracle & PWC.
Raj is a product guy. Most recently co-founded Tempo AI (acq'd by Salesforce), co-founded YumYum Labs/AllTheCooks (acq'd by Cookpad), founding BD guy at Skyfire (acq'd by Opera).
Sanjay is the CEO of RiseSmart which was recently acquired by Randstad. Sanjay is an accomplished leader with a solid 20+year track record of success in conceiving, developing marketing and implementing disruptive award-winning solutions for high-growth startups and industry leaders.
Jeff Epstein is an Operating Partner at Bessemer Venture Partners and a Lecturer at Stanford University. He specializes in Marketplaces, B2B Cloud Software and Advertising Technology companies. He serves on the Boards of Directors and Audit Committees of Kaiser Permanente, The Priceline Group, Shutterstock, Global Eagle Entertainment and several private companies. He is the former Executive Vice President and Chief Financial Officer of Oracle, one of the world’s largest and most profitable technology companies, with a market value of over $150 billion.