AI-Enabled Source-to-Pay Solution Provider Aavenir Raises $6M

Aavenir, an artificial intelligence (AI)-enabled source-to-pay (S2P) solution provider, raised $6 million in Series A funding, the company announced Tuesday (March 22).

Aavenir said it will use the capital to build new products, increase its S2P solutions footprint and strengthen its sales team for market expansion.

Palo Alto, California-based global venture capital firm Accel led the round, per the release, which also saw participation from Los Angeles-based venture capital company ScOp Venture Capital.

Aavenir said its mission is to make S2P smarter, faster and more fun through technology. The company helps firms collaborate, streamline and automate workflow for onboarding, contract lifecycle management, procurement, obligation management and accounts payable invoice automation on the ServiceNow platform.

Additionally, the company delivers what it calls the “future of work” to optimize vendor sourcing, commercial relationship and spending management.

“Aavenir has uniquely positioned its solutions with an extensive set of fully configurable functionalities powered by digital workflows, machine learning, and NLP [natural language processing] that automates manual tasks, speeds up approvals, and frees up time for strategic activities,” Accel Partner Prayank Swaroop said in a statement.

Last summer, Aavenir announced it was integrating its Aavenir Invoiceflow product and its portfolio management application ServiceNow Project Portfolio Management to advance and automate expense tracking.

Read more: AI-Powered Aavenir Amplifies ServiceNow PPM for Expense Tracking

The integration is expected to offer project managers the ability to monitor the project costs against the budgeted expenses in real time. The data allows managers to take preventive measures or make necessary changes.

“Many project managers continue to struggle with disparate systems and must resort to multiple data sources to monitor project costs and communicate status with stakeholders. Additionally, manual entry of actual costs is error-prone, time-consuming and lacks real-time visibility,” Aavenir founder and CEO Jesal Mehta said at the time.