Stampli raises $25 million in Series B to bring AI to invoice management
Stampli, the Mountain View-based company looking to automate invoice management, has today announced the close of a $25 million Series B round. The funding round was led by SignalFire, with participation from existing investors such as Hillsven Capital and Bloomberg Beta, as well as new investors such as NextWorld Capital.
Stampli launched in 2015 to build software specifically focused on invoice management. Part of the problem with invoice management is that many people in the organization procure services and contract vendors, but the people who deal with the majority of the paperwork are siloed off from that process. This means the folks in the finance department are often tasked with chasing down co-workers from other departments to resolve their issues.
With Stampli, the entire procure to pay process happens in a collaborative software suite. Each invoice is turned into its own communications hub, allowing people across departments to fill in the blanks and answer questions so that payments are handled as efficiently as possible. Moreover, Stampli uses machine learning to recognize patterns around how the organization allocates cost, manages approval workflows and what data is extracted from invoices.
In other words, over time, Stampli gets better and better for