Tabs, an accounts receivable (AR) automation platform, has secured USD 7 million in seed funding led by Lightspeed Venture Partners, with participation from Primary Ventures. This round brings the company's total funding to USD 12 million.

Tabs offers an AI-powered platform that enables B2B businesses to extract data from B2B contracts and then create automated AR processes from contract to cash. The platform’s AI model can understand, structure, and organize contract data including information in emails, purchase orders, amendments, and renewals for users to automate processes such as contract ingestion, invoicing, and payments. Moreover, the platform provides analytics and reporting tools that enable users to track metrics such as ARR/MRR, cash forecasting, and deferred revenue. 

Analyst QuickTake: The accounting and finance process automation space has seen a recent increase in investor interest, with several startups raising funds over the last three months. These include relatively large companies such as FloQast and Datasnipper (both of which raised USD 100 million ) as well as smaller startups such as Nominal (raised USD 9.2 million ). While Tabs falls into the latter category, it differentiates itself with its proprietary AI model that can be used to extract and interpret contract data.