All Updates

All Updates

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Earnings/results
Partnerships
AvidXchange Q3 2023 update: Robust revenue and volume growth; enters partnership with Appfolio
Business Expense Management
Nov 8, 2023
This week:
Funding
Immatics raises USD 150 million in public funding
Precision Medicine
Yesterday
Funding
Immatics raises USD 150 million in public funding
Cell & Gene Therapy
Yesterday
Product updates
Asus launches servers with AMD EPYC 9005-series CPUs and MI325X accelerators to enhance product offering
Generative AI Infrastructure
Yesterday
Partnerships
A2Z signs agreement with Trixo for smart cart services in Mexico and Central America
Automated Stores
Yesterday
Product updates
Nikon releases additional powder feeder for metal additive manufacturing
Additive Manufacturing
Oct 10, 2024
Product updates
BigRep launches industrial filament dryer ‘DRYCON'
Additive Manufacturing
Oct 10, 2024
Industry news
Titomic joins DNV's project to standardize additive manufacturing
Additive Manufacturing
Oct 10, 2024
Product updates
Google rolls out ‘Imagen 3’ image-generation model for Gemini users
Foundation Models
Oct 10, 2024
Funding
BaCta raises EUR 3.3 million in pre-seed funding to produce bio-synthetic rubber
Bio-based Materials
Oct 10, 2024
Partnerships
XtalPi's Ailux Biologics licenses AI platform XtalFold to Janssen for biologics discovery and engineering
AI Drug Discovery
Oct 10, 2024
Business Expense Management

Business Expense Management

Nov 8, 2023

AvidXchange Q3 2023 update: Robust revenue and volume growth; enters partnership with Appfolio

Earnings/results
Partnerships

  • In Q3 2023, AvidXchange's total revenue reached USD 98.7 million, marking a 19.7% YoY increase. Adjusted EBITDA also saw a positive shift, reaching USD 11.4 million compared to a negative adjusted EBITDA of USD 3.7 million in Q3 2022.

  • Total transactions processed in Q3 2023 rose 6.4% YoY to 19.2 million, while the total payment volume handled increased 8.4% YoY to USD 19.6 billion. Meanwhile, transaction yield also grew 12.7% YoY. 

  • The company also announced that it is partnering with AppFolio, a property management solutions provider, to enhance AP automation for its 19,000 real estate customers. Through AppFolio's integration with AvidXchange, invoice details and transactions will be recorded in AppFolio's accounting system, and payment data will be transferred to AvidXchange for automated payments. 

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