San Jose-based accounting company AppZen has secured $50 million in Series C funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced on Sept. 9 and led by Coatue Management.
According to its Crunchbase profile, "AppZen is an artificial intelligence platform for modern finance teams, helping them to reduce spend, comply with policy and streamline process. It automates manual process, uncovers problems and optimizes decision making for enterprises around the globe, including one-fourth of the Fortune 500. The platform combines patented deep learning, computer vision and semantic analysis with intelligence from thousands of online data sources to understand financial transactions in business context and make decisions before those transactions happen."
The seven-year-old company has raised six previous funding rounds, including a $35 million Series B round in 2018.
The round brings total funding raised by San Jose companies in artificial intelligence over the past 90 days to $60 million. The local artificial intelligence industry has seen 25 funding rounds over the past year, securing a total of $651 million in venture funding.
In other local funding news, industrial automation and oil and gas company Litmus Automation announced a $7 million Series A funding round on Sept. 4, financed by Mitsubishi Corporation.
According to Crunchbase, "Litmus Automation bridges the gap between data in the field or factory and business applications for companies looking to implement Industrial Internet of Things (IIoT) solutions. Litmus Automation’s offerings, LoopEdge and Loop, work seamlessly together to allow companies to access and exploit data previously trapped inside enterprise hardware, no matter where or when it was deployed. Working with original equipment manufacturers and other industrial companies, Litmus Automation’s proven IIoT solutions offer data and device management so companies can optimize both how they run their business and how their customers’ businesses operate."
Founded in 2013, the company has raised three previous rounds, including a $2.2 million seed round in 2018.
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