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New Funding from Redpoint to Support AI in the Enterprise

November 01, 2017 / in Funding, AI / by Anant Kale

We have some exciting news to share: we’ve raised $13 million in a Series A round led by Redpoint Ventures and including Resolute Ventures, our lead seed investor.

We’re thrilled to welcome Redpoint partner Alex Bard to our board. He shares our vision of using artificial intelligence (AI) to transform the back office (check out his blog here) and brings with him deep expertise in creating successful SaaS companies. Redpoint has a strong track record of building important IT companies such as Pure Storage, Twilio, Concur, Zendesk and Stripe.

It’s our customers that we want to thank the most because user validation is the only thing that matters. Amazon, Comcast, Hitachi, Intuit and dozens of other customers have provided key insights on their needs, and their feedback on how our AI platform automates and improves the efficiency of back office tasks has been phenomenal.


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Why AppZen Will Reinvent the Back Office

June 22, 2016 / in Funding, Back Office Automation / by Anant Kale

 

In 2013, my friend Kunal and I founded AppZen, the first artificial intelligence (AI) solution for back office automation. At the time, personal assistants like Siri seemed to be the next frontier for enterprise applications. But we saw an opportunity to apply that idea to a conversational engine (what’s called a ‘chatbot’ today) for expenses and provide a ‘personal assistant’ experience for employers and employees. The conversational feature turned out to be very exciting to see, but unfortunately less relevant to use.

So after taking a step back, we thought, "What if business systems actually had the ability to read, think, research and then make decisions? What if those decisions were independent of an individual's knowledge, skills and biases?" Our answers led us to pivot toward the opportunity of using our AI and Natural Language Processing (NLP) technology to automate the business back office. That’s what AppZen’s mission is — to reinvent and automate the back office with artificial intelligence, one process at a time.

Today we’re very excited to announce our next step toward that goal. We’ve closed a round of funding and brought on board top-notch investors to enable us to accelerate development and bring the AppZen AI solution to even more customers. For details on the funding check out the Wall Street Journal and our press release.

For more on what AppZen is up to, read on --

Back office processes include everything from human resources, finance, customer service, procurement, order processing and more. They’re the gears behind the scenes that keep a business running smoothly and ensure that company policies and government regulations are followed. Most back office processes are work-flow driven, moving information from one party to another where it’s reviewed, analyzed, and approved. Over the years, we’ve seen back office processes improve — for example, what was once paper-based moved to digital, then web-based, and is now accessible via smartphone. Workflows have improved from paper in-boxes to email and now mobile alerts on your smartphone.

 

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