Stampli, an invoice management platform, announced today the closing of a $6.7 million Series A funding round led by SignalFire, with participation from Bloomberg Beta, Hillsven Capital and UpWest Labs.
If you’ve ever freelanced for a company, you know that the long, instant ramen-filled days between filing an invoice and having it completed can be grueling. Brothers Eyal and Ofer Feldman launched Stampli in 2015 to help solve this problem and bridge the communication gap between accountants, related internal departments and vendors. Aimed at mid to large-size companies, to date Stampli has helped a wide range of companies (from fashion to tech) manage more than $4 billion in invoices through its AI-driven interface.
“Invoice management is like an elephant,” co-founder and CEO Eyal Feldman told TechCrunch. “One person sees the head, one person sees the tail, one person sees the legs. It’s a process that different people see different versions of but the whole picture should include everybody. The ability for all of these people to be involved is really the core of the process.”
Traditional invoice management between vendors and internal departments in a company can be a tangled mess of email exchanges, lost messages and ultimately delayed payments. But, Stampli’s interface (which can be integrated directly into a company’s enterprise resource planning software like NetSuite, Intuit QuickBooks or SAP) allows for every step of the invoice’s journey to have a central landing page on which every relevant party can collaborate.
“We found that 85 percent of our users are not accounting people,” said Feldman. “[They] are all the managers around and all the other people involved. What we found in our research is that when the process works for them is when accounting is happy.”
This landing page not only provides easy access to pertinent information between departments, but Stampli’s built-in AI, Billy the Bot, helps invoice managers fill in relevant information by first learning the structure of the invoice and then learning through observation the user’s behavior and work flow. When Billy passes an 80 percent confidence threshold for its decision, it goes ahead and auto-fills the information. But, if it’s feeling unsure about its choice, Billy will leave it as a suggestion instead to avoid introducing any errors to the paperwork.
The more invoices users process through Stampli, the more Billy learns how to best streamline the process for that company.
In the arena of invoice management, Stampli faces competition from companies like Determine and Concur, which also offer all-in-one platforms for invoice management and, in the case of Concur, also incorporate machine learning to capture invoices.
According to Feldman, what helps Stampli stand apart from the competition is its emphasis on company collaboration and its no-fee installation of the software. With no upfront cost, the company only charges per invoice.