Stampli announced that it managed to raise investment funds in the amount of $61 million.
The company will use the money received to implement efforts to expand its offer for accounts payable based on artificial intelligence. These finances were received by the company following the results of a Series D funding round led by funds managed by Blackstone. As of the current moment, the total amount of investments in the company has reached $148 million. This was reported by Stampli last Tuesday, October 3.
The company announces its intention to continue its activities on the development of the accounts payable (AP) market with creditors. According to the firm’s representatives, this sphere is currently massive and largely impenetrable.
In the company’s press release published on the occasion of raising new investment funds, each business must pay bills, which means that each business has a function of registration for accounts payable.
Deutsche Bank Research, assessing market opportunities, estimated in 2021 that the total annual revenue of AP automation and ePayments is about $70 billion. In this case, international opportunities are not taken into account, which may be 3-5 times higher than this indicator. This was stated by analysts of the mentioned financial institution.
Experts say that AP automation is currently in its infancy. At the same time, companies recognize the importance of this technology. In this case, there is a situation when awareness of the need for development does not stimulate the practical beginning of this process. At the same time, the very fact of understanding the need for technology indicates the prospects for its improvement in the future.
In the United States, only 25% of companies reported some degree of automation to support workflows in the last 12 months. At the same time, 77% of firms that rely more on so-called manual processes declare the need to increase the level of automation. Also, 44% of companies that have advanced in this issue of technological development report the necessity to improve existing mechanisms.
The results of an industry study conducted in the United States testified that every business faced problems in at least one area of data processing in the cycle from source to payment. At the same time, it was found that the average company experienced failures in 2.8 out of 8 sectors in the mentioned cycle.
Also in the US, 69% of financial directors, according to analysts, are highly likely to report problems with delivery over the past six months, and 19% of them describe these difficulties as the main ones. Many American firms say that failures are often the result of billing errors and discrepancies, disputes about the quality and accuracy of orders. Some businesses use generative artificial intelligence to eliminate internal bottlenecks and optimize B2B e-commerce.
Eli Finkelshteyn, CEO and co-founder of eCommerce search and discovery process solution Constructor, says that, at least in the past, incorrectly labeled products were a really difficult problem to solve. According to him, generative artificial intelligence is a good example of application in this sphere. Separately, he drew attention to the AI’s ability to create new attributes, correct inaccuracies, and refine search criteria. Eli Finkelshteyn says that machine intelligence has the potential to transform data management in the B2B sector, which will entail increasing the level of efficiency and improving the quality of customer service.
As we have reported earlier, Paxton AI Raises $6 Million for Legal Research and Drafting Platform.