Artificial Intelligence powered SaaS solution for automating enterprise back office processes
Nominated for: Best Use of AI or Machine Learning
AppZen, is the world's first artificial intelligence solution for back office automation. Its service uses AI to automate expense report auditing and detect intentional and accidental compliance issues and fraud. AppZen’s patented AI technology combines computer vision, deep learning and natural language processing to automatically read and understand expense reports, receipts, and travel documents and cross-check them with hundreds of internal and external data sources in real-time, to determine the accuracy and legitimacy of every expense. The solution assigns risk scores to each expense, protecting the company from expense misuse and regulatory non-compliance. With machine learning, the platform also gets smarter as time goes on. Currently only 10-20% of expenses get paid out with proper auditing yet fraud and compliance issues account for a half trillion dollar issue in the U.S (2016 Global Fraud Study). The AppZen platform takes auditing coverage from 10% to 100%, looking at every individual expense against T&E policies, VAT, FCPA regulations, IRS rules and regulatory requirements. The platform integrates with all major expense reporting tools, including Oracle and Concur and has already amassed over 50 customers and almost 10% of the Fortune 50 enterprises and many of the Fortune 500, including Amazon, Hitachi, Comcast, Sunrun and Intuit. Co-founders, Anant Kale and Kunal Verma founded AppZen with a vision to build the next generation of AI driven back office applications for the enterprise. The company was founded in 2012 and graduated from 500 Startups in 2015, raising $3M in funding in 2016, with an additional $13M Series A in November 2017. The company is the verge of announcing a series of high profile partnerships with Concur, Coupa and Chrome River, securing their leadership in back office automation. Next quarter brings new products that will tackle procurement and other areas of the business, where AI can streamline large datasets. The company is also expanding apace, hiring at 400% per year, as well as signing 30+ new customers since January 2017.