Aavenir secured $2 million in seed funding round from Accel


Aavenir, a Software as a Service (SaaS) based source to pay solutions provider, has now revealed that it has secured $2 million from Accel in the seed funding round, reports Economic Times.

Aavenir is a next-generation source-to-pay suite procurement processes company that works on the latest technologies like Machine Learning (ML) and Natural Language Processing (NLP) to reduce the cycle time, thus offering some of the insightful best practices suggestions based on the historical data.

Executive Opinion

In ET report, Jesal Mehta, CEO of Aavenir, said, "Machine learning, NLP, and interactive chatbots are offering tremendous opportunities to automate and simplify the complex source-to-pay process significantly. The partnership with ServiceNow allows us to be in front of their customers who are always looking to capitalize on their existing ServiceNow investments and automate more of their business processes using the NOW platform."

Aavenir's Latest Funding

The company, as of now, has plans to use latest funds to scale the development of its products in the source to pay domain and expand across the globe by strengthening its operations in both the sales and marketing sector, noted the announcement.

Aavenir's source to pay solution provides with an integrated products including the REPflow for sourcing management, ContractFlow for contract lifecycle management, and InVoiceFlow for accounts payable automation to enable effective contracting, sourcing, and procurement processes.

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Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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