Aavenir, a source-to-pay (S2P) solution provider enabled by artificial intelligence (AI), has raised $ 6 million in Series A funding, the company announced Tuesday (March 22).
Aavenir said it will use the capital to develop new products, increase the footprint of its S2P solutions and strengthen its sales team for market expansion.
Palo Alto, California-based global venture capital firm Accel led the round, according to the release, which also saw participation from Los Angeles-based venture capital firm ScOp Venture Capital.
Aavenir said its mission is to make S2P smarter, faster and more fun through technology. The company helps companies collaborate, streamline and automate workflow for onboarding, contract lifecycle management, procurement, obligation management and invoice automation that can be paid on the ServiceNow platform.
Additionally, the company delivers what it calls “future work” to optimize vendor sourcing, commercial relationships and spending management.
“Aavenir has uniquely positioned its solutions with a wide range of fully configurable functionalities powered by digital workflows, machine learning, and NLP [natural language processing] which automates manual tasks, speeds up approvals, and frees up time for strategic activities, ”Accel Partner Prayank Swaroop said in a statement.
Last summer, Aavenir announced that it was integrating its Aavenir Invoiceflow product and its portfolio management application ServiceNow Project Portfolio Management to advance and automate cost tracking.
Read more: AI-Powered Aavenir powers the ServiceNow PPM for Cost Tracking
The integration is expected to offer project managers the ability to track project costs against budgeted costs in real time. The data allows managers to take preventative measures or make necessary changes.
“Many project managers continue to struggle with diverse systems and must use multiple data sources to track project costs and communicate status to stakeholders. In addition, manual entry is actually costs are prone to error, time-consuming and lack real-time visibility, ”said Aavenir founder and CEO Jesal Mehta at the time.
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