AI-Based Invoice Platform Xelix Raises $5M in Series A for AP Innovation

London-based invoice intelligence platform Xelix has raised $5 million in a Series A round, according to a Thursday (June 30) company press release.

Xelix, which provides accounts payable (AP) solutions, plans to use the new money to bring more products to market and grow its team.

A Monday (July 4) report from Tech Funding News noted that Xelix is responding to a need that financial teams have, as they are often saddled with systems that aren’t working well for them and which often need “specialist training.”

Additionally, complicated user interfaces can slow down the onboarding process and make it so new team members can’t operate as efficiently as they need to, per the report.

However, Xelix uses artificial intelligence (AI) and machine learning (ML) to help prevent over-payments and fraud while improving AP productivity. The report said the solution will aggregate data from various systems and provide “a consolidated view” of AP across a business.

“Outside of basic invoice processing, the opportunity for ML-driven automation and process improvement within AP and the wider CFO office is huge,” said Paul Roiter, co-founder and CEO at Xelix. “We’re excited to be working with investors that value our efficient growth and the massive market potential for our solutions. This fundraise will allow us to execute on our ambitious product roadmap and further scale our go-to-market teams.”

Per the press release, Xelix’s platform offers three solutions which use ML to “redesign” core AP processes. For example, Xelix Protect offers a ML payment audit to look at high-risk transactions before a pay run, while Xelix Statement Reconciliations offers an automated workflow to ensure accounting accuracy and compliance.

PYMNTS wrote that there has been a movement to cut out manual tasks and errors in both accounts receivable (AR) and AP processes, using enterprise resource planning (ERP) solutions.

See also: 40% of Companies Cite Late Payments as Primary Invoicing Headaches

That said, there has been a missing piece to it all — while ERP platforms can help make invoices and payments, employees still need to log in or visit branches to reconcile and fulfill payments.

As such, there’s a growing consensus that companies need ERP solutions with banking integrations to simplify and streamline matters.