AppZen Raises $50 Million to Automate Manual Business Processes

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AppZen, an artificial intelligence based platform for modern finance teams, announced it raised new funding for growth.

The San Jose, CA based startup announced it has raised $50 million in Series C funding from lead investor Coatue Management, along with Lightspeed Ventures Partners and Redpoint Ventures.

AppZen, formed in 2016, automates manual processes, uncovers problems, and optimizes decision making for enterprises. The platform combines deep learning, computer vision and semantic analysis with intelligence from thousands of web-based data sources to analyze financial transactions in business context and make decisions before those transactions commence. Several major companies currently use AppZen, including Comcast, WeWork, SalesForce, and Amazon.

AppZen will use the new funding to further its mission to become the top AI platform for financial executives and their teams to reduce spending, streamline arcane processes and instill policy compliance.