B2B Payments

B2B FinTechs Get Creative With Enterprise Data

This week’s B2B FinTech venture capital roundup is all about data, and, as investors showed, there’s more than one way to offer data services for the enterprise.

Some companies focus on analytics, while others offer digitization solutions. Some focus on the enhancement of data already in the enterprise via artificial intelligence (AI) and machine learning, while others target the safeguarding of that data with cybersecurity offerings or facilitate the sharing of data via application programming interfaces (APIs). In total, B2B startups raised more than $144 million this week — and the majority of that went to businesses targeting enterprise data in some way. Below, check in on all of the latest funding rounds.


Small Business Accounting


Bookkeeping service provider Pilot.com announced $15 million in Series A funding this week led by Index Ventures. The company said it will use the money to focus on adoption of its small business and enterprise bookkeeping solution, which has also been officially released. Already, the company said, more than 150 businesses are using the tool. Pilot.com built its platform on top of QuickBooks Online and combines software with human account managers for each customer.


Data Analytics


California’s Imply announced $13.3 million in Series A funding this week led by Andreessen Horowitz, while Khosla Ventures also participated. A press release this week said Imply plans to use the funding to focus on product development. The company operates a data analytics solution for the enterprise and also announced the launch of Imply Cloud to streamline access to Imply’s solutions.

SambaNova Systems

The $56 million raised by SambaNova Systems this week pulls the company into the top spot with the most funding raised. The Series A investment was led by Walden International and GV, while Redline Capital and Atlantic Bridge Ventures also participated. SambaNova develops computing platforms that can handle machine learning and data analytics apps for the enterprise. The company said it will use the funding to expand its team of engineers to further develop its machine learning software and hardware, while it also plans to focus on continuing development of its computing platform.


Artificial Intelligence


With a focus on artificial intelligence solutions for IT operations (AIOps), Moogsoft enables IT departments to integrate AI to accelerate their operations and boost efficiency. The company said this week it raised $40 million in Series D funding led by Goldman Sachs Growth Equity, while existing backers HCL, Northgate Capital, Redpoint Ventures, Singtel Innov8, STTelemedia and Wing VC also participated. Moogsoft plans to use the investment to focus on sales and marketing, and for research and development investment to explore product development.




Another California startup, RapidAPI, announced $9 million in Series A funding this week led by Andreessen Horowotz (who also led funding for Imply), while SV Angel, Green Bay Capital and Nexmo CEO Tony Jamous also participated. The company operates a digital marketplace for developers to access and manage APIs for their own solutions. It also operates a premium service for larger corporates to manage their own API use. The funds will be used to focus on continued development of its API marketplace and expand its reach among the API and developer community, the company said.




With new funding from American Express Ventures, EverCompliant said it will expand its team and focus on technology development. The company automates Electronic Money Laundering Detection and Prevention for merchant service providers. In addition to Amex Ventures, Arbor Ventures, Carmel Ventures, StarFarm Ventures and Nyca Partners have all backed the company, though reports did not reveal how much EverCompliant raised this time.




ClearSky Security led an $11 million Series A funding round for California-based Solebit to bolster growth of the company’s cybersecurity solutions. The company offers its SoleGATE Security Platform to identify malware and other cyberthreats for enterprises across the U.S. and Europe. In addition to ClearSky Security, MassMutual Ventures and Glilot Capital Partners also participated, the company said this week.




Japan-based Incubate Fund led a $600,000 pre-Series A round for corporate travel management company Tripeur, reports this week said. The India-based company, developed by Shorebird Technologies, also secured funding from angel investors that had previously provided seed funding, reports in Business Standard said. Tripeur provides corporate travel solutions that use artificial intelligence and machine learning to customize travel processes for employees and executives. The company said it will use the latest funding to continue building out its technology, as well as to focus on expanding its sales and marketing teams.




SeamlessDocs helps government entities transition from paper to the cloud, and this week the company revealed $7.5 million in Series B funding to continue its mission. SJF Ventures led the funding, while Motorola Solutions, Entrepreneur Roundtable Accelerator, NY State Innovation Ventues, CapRock and other existing backers also participated. The company’s Software-as-a-Service solution enables government entities to migrate to the cloud, and, according to the company’s CEO and Founder Jonathan Ende, the latest funding will go toward continued focus on that effort.


New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.