A machine learning (ML) firm, Applied AI Company (AAICO), has raised $42 million in funding to help enterprises in Europe and the United States reduce their reliance on human business processes.
“We are humbled by our investors’ support under challenging market conditions,” said the company’s founder and CEO, Arya Bolurfrushan, in a news release. “We take this responsibility seriously and know that collecting funds is not a guarantee of success; we will continue to work hard to deliver excellent things for our clientele in the United States and the United Kingdom.”
Automated payables providers that use AI and machine learning to scan invoices at scale for duplicates help businesses reduce the heavy lifting associated with paying the right amount on the right invoices across the organization as a whole, and they do so in real-time, removing the risk of overspending.
Tillman stated that improved communication is critical because the transition to digital can be difficult, especially when multiple suppliers and subcontractors are involved.
According to Tillman, the cost savings are significant, with some of his international clients saving up to $400 per invoice.