Aavenir

Aavenir offers a platform to collaborate, streamline, and automate workflows relating to vendor management, from sourcing to managing relationships and spend. Its solutions include vendor onboarding, contract lifecycle management, obligation management, approval automation, and accounts payable (AP) invoice automation.

It provides these solutions through an integration with ServiceNow, a digital workflow platform, and leverages machine learning and natural language processing (NLP) to automate and speed up the manual tasks. The platform also offers self-service supplier portals to accelerate invoice processing and improve AP team coordination with suppliers.

In August 2023, Aavenir introduced GenAI capabilities for its “Contractflow” to help procurement and legal teams accelerate contract reviews and negotiations. The solution leverages the company’s proprietary large language models (LLMs) and conversational AI technology. GenAI can be used for automated clause deviation detection (by comparing against legal-approved clause libraries, repository contracts, and prior contract versions), scoring, and clause recommendations. In November 2023 , Aavenir enhanced Aavenir RFPflow to improve negotiations and vendor performance, by leveraging GenAI.

Aavenir’s AP automation solution extracts data automatically from invoices, and lets users validate and approve payments. It also offers insights on spending across business units, and helps identify out of policy spending through tolerance thresholds, automated email alerts on exceptions, and building exception workflows.

The company claims that its platform can reduce administrative costs by 25-35%, through improved contract management. In addition to its ServiceNow integration, the platform can also be connected with Workday, Salesforce, and SAP Ariba, among others.

Key customers and partnerships

Aavenir has customers across several industries, including Johns Hopkins University, the State of Utah, T.D. Williamson, and Reece, among others.

Funding and financials

The company raised USD 6 million in Series A funding in March 2022, led by Accel, to invest in product developments and expanding its operations and business reach.