Total amount raised
$10.8 Millions
Latest funding date
3/1/2022
Location
Glean AI has successfully raised $200 million over multiple funding rounds, including a Series D and a Seed round. The platform offers an AI-powered spend intelligence solution designed to optimize accounts payable processes and provide deep insights into spending trends.
Keep reading to explore the intricacies of Glean AI's fundraising journey and the investors backing this innovative platform.
What Is Glean AI?
Founded in January 2020, Glean AI is headquartered in New York, New York. The company specializes in AI-powered spend intelligence solutions designed to optimize accounts payable processes and provide deep insights into spending trends.
Glean AI was founded by Howard Katzenberg. The platform helps small and mid-market companies save money by analyzing expense drivers and providing insights often overlooked by finance teams and budget owners.
With a team of 11-50 employees, Glean AI combines automation with spend intelligence to help finance teams make smarter spending decisions, automate accounting processes, and save money.
How Much Funding Has Glean AI Raised?
- Pre-Seed Round
- Amount Raised: $3M
- Date: February 2020
- Lead Investors: Contour Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop automation technology addressing CFOs' challenges in managing vendor spend and identifying overspending.
- Seed Round
- Amount Raised: $7.8M
- Date: March 2022
- Lead Investors: Contour Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance spend intelligence technology.
Total Amount Raised: $10.8M. Current Valuation: Not publicly disclosed.
Key Investors
- Contour Venture Partners
- Details: Contour Venture Partners is an early-stage venture capital firm based in New York. They focus on investing in technology companies that have the potential to disrupt existing markets.
- Investment Focus Areas: Fintech, enterprise software, digital media.
- Notable Investments: OnDeck, BounceX, Datadog.
- Amex Ventures
- Details: Amex Ventures is the venture capital arm of American Express. They invest in companies that enhance the customer experience and drive innovation in financial services.
- Investment Focus Areas: Fintech, payments, digital commerce.
- Notable Investments: Stripe, Bill.com, Trulioo.
- Infinity Ventures
- Details: Infinity Ventures is a venture capital firm that invests in technology-driven companies. They have a strong focus on fintech and digital payments.
- Investment Focus Areas: Fintech, e-commerce, digital payments.
- Notable Investments: PayPal, Affirm, Plaid.
- B Capital
- Details: B Capital is a global venture capital firm that invests in growth-stage companies. They leverage their strategic partnership with the Boston Consulting Group to help companies scale.
- Investment Focus Areas: Enterprise software, fintech, healthcare.
- Notable Investments: Bird, Ninja Van, Atomwise.
- Portage Ventures
- Details: Portage Ventures is a venture capital firm that focuses on fintech and financial services innovation. They aim to support companies that are transforming the financial industry.
- Investment Focus Areas: Fintech, financial services.
- Notable Investments: Wealthsimple, Borrowell, Koho.
What's Next for Glean AI?
Glean AI stands poised to disrupt the $40 billion accounts payable market by offering intelligent solutions that go beyond mere payment processing. With the ability to analyze over $500 million in vendor spend, the platform can help businesses save money through deep insights and automation, addressing the critical issue of poor cash-flow management.
As Glean AI continues to scale, future fundraising opportunities seem promising, especially with the backing of prominent investors like Contour Venture Partners and Amex Ventures. However, the company will need to navigate challenges such as competition from other fintech firms and the necessity to continuously innovate to stay ahead.
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