Israeli AI-based, accounts payable automation platform Stampli has announced a $25 million Series B financing round led by SignalFire, with participation from previous investors Hillsven Capital, Bloomberg Beta, and new investor NextWorld Capital. Following this financing round Stampli has raised $32 million to date, including earlier investments from Naver Corporation and UpWest.
The company's AI-powered platform enables businesses to take full control of their accounts payable (AP) process by combining automation and communications, This latest round of funding will be used to continue company expansion and product innovation.
Stampli is now processing more than $12 billion in invoices annually, up more than four times from the start of 2018. More than 1,900 business entities and 40,000 users employ Stampli to centrally collaborate their invoice activities and automate their approval workflows.
Founded by CEO Eyal Feldman and his brother CTO Ofer Feldman, the company has offices in Mountain View, California and Tel Aviv.
Eyal Feldman said, "AP plays a critical role within every company, ultimately controlling the procure to pay process, and touching every department within a company. Yet until recently, there had been virtually zero innovation in the space with solutions providers completely ignoring the collaborative nature of the entire process. Stampli redefines invoice management by turning the invoice into a communication tool allowing AP to seamlessly collaborate with all departments and external vendors."
"In a relatively short time, Stampli has not only created an incredible experience for AP teams, but also demonstrated growth unseen in this industry. Stampli is doing to invoice management what Google Docs did to word processing by incorporating collaboration at its core," said Chris Farmer, founder and CEO of SignalFire.
Published by Globes, Israel business news - en.globes.co.il - on October 31, 2019
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