Berlin-based tech startup Workist has raised 9 million euros (about $8.7 million) to continue building its automation platform for B2B transactions, add to its team and further its expansion into international markets.
“This is a huge milestone for the entire team at Workist and approval for us that we are on track to automate document-heavy B2B transactions with the power of [artificial intelligence (AI)],” the company said in a Monday (Sept. 26) LinkedIn post.
Workist said in the post that it aims to eliminate manual document processing, adding on its website that this will free up businesses’ time and resources, which are currently spent on mundane, repetitive work, and devote them instead to creative work.
With AI applied to order processing, the company enables integration and automated information exchange between business customers, distributors and suppliers, according to Workist’s website.
In the past two years, Workist’s number of customers has topped 50, and its revenue has reached seven figures, the company said in a Monday (Sept. 26) press release.
“With Workist’s solution, incoming documents can be processed completely automatically and without manual typing, regardless of the format,” Workist Founder and Managing Director Alexander Müller and Workist Founder and Chief Technology Officer Fabian Brosig said in the press release. “Workist fits elegantly into existing processes and is compatible with all common enterprise IT systems, creating a kind of intelligent link between [enterprise resource planning (ERP)] systems at different companies.”
According to the “Working Capital Playbook,” a PYMNTS and YayPay collaboration, among firms that have deployed accounts receivable (AR) automation, 87% reported faster processing speeds, 79% said it improved AR teams’ efficiency, 75% said it resulted in a better customer experience and 72% said it reduced operating costs.
AR teams are increasingly leveraging technology to meet the demands of today’s remote economy, the report found.
For all PYMNTS B2B and EMEA coverage, subscribe to the daily B2B and EMEA Newsletters.