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Procurify receives USD 20 million from CIBC Innovation Banking; launches AI-powered accounts payable automation solution
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Oct 30, 2024
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Logistics Tech

Logistics Tech

Oct 30, 2024

Procurify receives USD 20 million from CIBC Innovation Banking; launches AI-powered accounts payable automation solution

Product updates
Funding

  • Procurify, a spend management solutions provider, has received a USD 20 million growth capital investment from CIBC Innovation Banking to support AI-powered product development and expansion.

  • Today, the company also launched a new AI-driven accounts payable (AP) automation solution that unifies purchasing, AP, and payments into a single system.

  • The solution features optical character recognition (OCR) for extracting line-item invoice details, automated three-way matching for accuracy verification, bill creation capabilities, deposit payments before item receipt, and modules for PunchOuts, Contract Management, and Vendor Management.

  • Today’s upgrade follows Procurify’s recent update to bill payment capabilities, which now include Automated Clearing House (ACH), wire and check payments in the US, and electronic fund transfers (EFT) in Canada.

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