SAN FRANCISCO–(BUSINESS WIRE)–Aavenir, a leading AI-enabled Source-to-Pay solution provider, announced today that it has raised $6 Million in Series A funding. The round was led by Accel, with participation from ScOp Ventures. Accel also led Aavenir’s Seed round.
Procurement is tasked with delivering cost savings, improving efficiency, and managing risk and compliance. Aavenir is on a mission to make source-to-pay smarter, faster, and more joyful through technology. Aavenir helps enterprise teams to collaborate, streamline, and automate workflow for sourcing, vendor onboarding, contract lifecycle management, procurement, obligation management, & accounts payable invoice automation – all on the world’s leading workflow platform, ServiceNow.
“Aavenir has uniquely positioned its solutions with an extensive set of fully configurable functionalities powered by digital workflows, machine learning, & NLP that automates manual tasks, speeds up approvals, and frees up time for strategic activities. We are excited to partner with Aavenir as they continue their journey of delivering the future of work, today,” said Prayank Swaroop, Partner at Accel.
Enterprises are dealing with a reality of complex siloed systems, multiple platforms, data inconsistencies, varied user experiences, manual data entry & integration challenges. Aavenir addresses these challenges by offering AI-enabled user experiences, unified data models, IT compliances & fast integrations with ERP systems/apps.
Jesal Mehta, Founder, and CEO of Aavenir said, “We thank Accel for continued support. Aavenir will use the capital to build new products, increase S2P solutions footprint & strengthen our core sales team for market expansion. Our ServiceNow partnership and their sales teams help us implement certified Aavenir applications and maximize ServiceNow ROI. ServiceNow’s low-code/no-code platform enables Aavenir to quickly implement solutions that are close fit to business requirements at reduced Total Cost of Ownership (TCO).”
“Aavenir team comes with rich experience of implementing source-to-pay applications for enterprises around the world. We are excited to work with the Aavenir team, who understands customer challenges at the most nuanced levels and quickly alters solutions,” added Kevin O’Connor, partner, ScOp Venture Capital.
Aavenir delivers the ‘future of work’ to optimize vendor sourcing, commercial relationship, and spend management. Aavenir’s AI-enabled Source-to-Pay solution portfolio includes applications for Vendor Onboarding, RFP Management, Contract Lifecycle & Obligation Management, Accounts Payable Automation. www.aavenir.com
Accel is a global venture capital firm that aims to be the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Accel has been operating in India since 2008, & its investments include companies like BookMyShow, Browserstack, Flipkart, Freshworks, FalconX, Infra.Market, Chargebee, Clevertap, Cure Fit, Myntra, Swiggy, Urban Company, & Zenoti, among many others. www.accel.com.
ScOp is a venture capital firm based in Los Angeles, California. ScOp seeks to make minority investments in seed-stage, early-stage, & later-stage companies. The firm seeks to invest in the software, SaaS, artificial intelligence, & e-commerce sectors in the USA. www.scopvc.com.
For further information, [email protected].
Marketing & Communications Team | Aavenir l [email protected]
Originally published on BusinessWire