PUNE: To further enhance its AI (Artificial Intelligence) platform AppZen, one of the leading AI platform for modern finance teams, AppZen inaugurated its development centre in Pune, on Thursday.
The state-of-the-art facility was inaugurated by AppZen CFO Naresh Bansal and Head of India Operations Mandar Munagekar. With the new initiative, the company wants to tap into the Pune talent pool and focus on further enhancing its AI platform through the new centre as it broadens its global reach.
The company, which has over 1,500 customers, provides solutions related to expense audits, contract audits, insights and others, which ara based on machine learning and artifcial intelligence. Speaking at the inauguration, Head of India Operations at AppZen, Mandar Munagekar, said, “By using a lot of our tacit knowledge in the data science area, we want our growth to be smarter. This will be key to create a talent pool with high-end engineering and data science background for our growing global customer base.”
Explaining the AI-powered solutions offered by the company, Mandar said that the spend management solutions helps in auditing 100 per cent of expenses and invoices, which can help the company avoid duplicate spend, flag risky spend, make sure invoices comply with contract terms.” After using AI, the company can then shape their employee spending behaviour and bring in policy changes if required. Similarly, we can also audit invoices of the suppliers, which helps our customers to keep a track on supplier’s invoice,” added Mandar.
Speaking on the average time taken between on-boarding a client to delivering value to the client, Naresh Bansal, CFO, AppZen, said that it takes about 30 to 45 days time to deliver true value to the client. In order to showcase the power of data, the company used data analytics to find a strategic office location in Pune, which would help their employees commute to office in least possible time when compared to other locations. Speaking on the analytics of invoices, Naresh said that lot of semantics are used to analyse the invoices.
The company recently raised a Series C investment of $50 million in funding through Coatue Management. With previous investments through Redpoint Ventures and Lightspeed Venture Partners along with Coatue, the total investments raised by the company clocks to over $100 million till date.