OpenEnvoy

OpenEnvoy offers an AI-based, no-code business payout management platform for account payable (AP) automation. The platform digitizes invoices by extracting content and automates approvals, reconciliation, and invoice auditing (including identifying discrepancies between invoices, contracts, and supporting documents). OpenEnvoy also provides insights through a dashboard for real-time KPI tracking, identifying spending patterns, and improving spend visibility. Its touchless data extraction solution claims to achieve 100% accuracy in minutes, extracting all details from image-based documents like photos and PDFs. The system can also identify alterations in a supplier's format autonomously, removing the need for human intervention and eradicating the outdated practice of vendor portals and onboarding. In March 2024, It partnered with NetSuite to introduce a new AI mode l to streamline clerical work and combat fraud in invoice processing. In April 2024 , OpenEnvoy launched “Generative Analytics” to enable professionals in finance and business to obtain critical operational and expense reports in a conversational manner.

The company primarily caters to businesses that have complex AP processes and manage a high-volume of variable cost invoices. OpenEnvoy primarily focuses on manufacturing, supply chain and logistics, and media industries.

  Funding and financials

OpenEnvoy raised USD 15 million in a Series A funding in May 2023, led by RRE Ventures, to invest in accelerating its growth and expanding the company’s global presence.