CAMBRIDGE, MASS. (PRWEB) APRIL 01, 2021
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 $1B.
Founded in late 2020 as a spin off from MIT machine learning company Composable Analytics, Inc., Scrypt AI has operationalized an end-to-end AI data capture platform for automatic document digitization 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 $6 billion in annual spend. 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 $10. This cost, which includes labor, 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.
The investment round was led by Shai Stern, Co-Chairman and CEO of CheckAlt, joined by fintech leaders such as Cross River Bank, Michael Weinberger (former Partner at York Capital Management), Omri Dahan (former Chief Revenue Officer at Marqeta), and Ryan Gilbert (Partner at Propel Venture Partners), among others.
“We at CheckAlt are constantly seeking ways to help banks, credit unions, and their corporate customers create additional efficiencies within their payment ecosystem. After seeing that Scrypt AI had really addressed the pain points associated with invoice processing, we were excited to support Andy and the Scrypt team to not only scale this highly intelligent platform across new customers and sectors, but also to incorporate our payment capabilities,” said Shai.
For more information, please visit https://scrypt.ai.
About Scrypt AI
Scrypt AI is defining Treasury Management-as-a-Service with an industry-leading Integrated Payables and Receivables platform that leverages machine learning and artificial intelligence to deliver fast, zero-touch invoice coding, digital payments, and account reconciliation. Scrypt AI is dedicated to removing friction from document management and financial accounting tasks and seamlessly integrates with deposit and payment imaging solutions as well as third-party ERPs and eSign products.
Visit us at https://scrypt.ai