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, 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.
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.
Mark managed sales teams and sold software at a variety of technology companies which included Basware, Webtrekk, as well as large corporations like TRW Inc. Mark has gained vast experience in a variety of software technologies including Accounts Payable Automation, Procurement, Supply Chain, Web Analytics, and Big Data.
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.