SAN FRANCISCO-(WIRE OF BUSINESS)-Aavenir, a leading AI-enabled source-to-Pay solution provider, announced today that it has raised $ 6M million in Series A funding. The round was led by Accel, with participation from ScOp Ventures. Accel also led the Aavenir Seed round.
Acquisition is committed to delivering cost savings, improving efficiency, and managing risk and compliance. Aavenir is on a mission to make source-to-pay smarter, faster, and more fun through technology. Aavenir helps enterprise teams collaborate, streamline, and automate workflows for sourcing, vendor onboarding, contract lifecycle management, procurement, obligation management, and accounts payable invoice automation-all on the leading workflow platform in world, ServiceNow.
“Aavenir is uniquely positioned in its solutions with a wide range of fully configurable functionalities powered by digital workflows, machine learning, and NLP that automate manual tasks, speeding up approvals, and freeing up time for strategic activities. We are excited to partner with Aavenir as they continue their journey to deliver the future of work, today, ”he said. Prayank Swaroop, Accel Partner.
Businesses deal with the reality of complex siled systems, multiple platforms, data inconsistencies, different user experiences, manual data entry and integration challenges. Aavenir addresses these challenges by offering AI-enabled user experiences, unified data models, IT compliance and rapid integration with ERP systems/apps.
Jesal Mehta, Founder, and CEO of Aavenir said, “We are grateful to Accel for continued support. Aavenir will use the capital to develop new products, increase the footprint of S2P solutions and strengthen our core sales team for market expansion. Our ServiceNow partnership and their sales teams help us implement Aavenir certified applications and maximize ServiceNow ROI. ServiceNow’s low-code/no-code platform enables Aavenir to quickly implement solutions close to business requirements at reduced Total Cost of Ownership (TCO). ”
“The Aavenir team has extensive experience implementing source-to-pay applications for businesses around the world. We are excited to work with the Aavenir team, which understands customer challenges at the most nuanced level and quickly evolves solutions, ”added. Kevin O’Connor, partner, ScOp Venture Capital.
About Aavenir
Aavenir delivers the ‘future of work’ to optimize vendor sourcing, commercial relationships, and spending management. Aavenir’s AI-enabled Source-to-Pay solution portfolio includes applications for Vendor Onboarding, RFP Management, Contract Lifecycle & Obligation Management, Accounts Payable Automation. www.aavenir.com
About Accel
Accel is a global venture capital firm that aims to be the first partner with exceptional teams everywhere, from inception to all stages of private company growth. Accel has been operating in India since 2008, and its investments include companies such as BookMyShow, Browserstack, Flipkart, Freshworks, FalconX, Infra.Market, Chargebee, Clevertap, Cure Fit, Myntra, Swiggy, Urban Company, and Zenoti, among many others. www.accel.com.
About ScOp:
ScOp is a venture capital firm based in Los Angeles, California. ScOp aims to make minority investments in seed-stage, early-stage, and later-stage companies. The company aims to invest in software, SaaS, artificial intelligence, and e-commerce sectors in the USA. www.scopvc.com.
For more information, [email protected].