Industry veterans invest in leading machine learning-driven AP, AR and Payments Solution
Scrypt AI announced that it has closed its first round of funding in direct response to overwhelming demand for artificial intelligence solutions for treasury management. Scrypt AI will use the funding to scale its market-ready products across several industry sectors, having just announced that its software has been used to process thousands of invoices worth over USD 1 billion.
Founded in late 2020 as a spin-off from MIT machine learning company Composable Analytics, Inc., Scrypt AI has operationalised an end-to-end AI data capture platform for automatic document digitisation and payment processing. ‘We’re seeing a tremendous demand for efficient financial operations’, said Andy Vidan, CEO. ‘Scrypt AI applies artificial intelligence in a unique way to augment humans and automate workflows.’
Scrypt AI is applying its technology to invoice coding and check processing to streamline accounts payable (AP) and accounts receivable (AR) operations, with AP and AR automation representing a total addressable market worth more than USD 6 billion in annual spending. As an example, more than half of all invoices received by businesses in the U.S. today are paper, with the cost of processing a single invoice typically exceeding USD 10. This cost, which includes labour, overhead, and technology, are tied to the manual effort of entering invoices into enterprise resource planning systems and then matching each invoice to the correct payment account. Scrypt AI’s approach for AP and AR automation reduces processing times, removes human error, improves vendor relations and increases compliance, all of which serve to help significantly reduce costs.
