CPO Rising’s Technology Round-Up series continues this week with fresh supply management technology news and updates covering a few recent major announcements. If you are a sourcing, procurement, or spend management solution provider and you are continually innovating the way that procurement and supply chain leaders and practitioners drive value, we’d love to hear from you. Please drop us a note at info at cporising dot com. Thanks, and enjoy!
AvidXchange Unveils New AI Agents to Elevate Accounts Payable Processes
CHARLOTTE, N.C. — AvidXchange Inc., a leading provider in accounts payable (AP) automation, offering intelligent AP software and payment solutions specifically designed for mid-market businesses and their suppliers, announced the launch of several new AI agents and enhancements within its invoice automation solution. These advancements reinforce AvidXchange’s ongoing commitment to delivering solutions that improve efficiency, visibility, and control for finance professionals.
According to Emily Dalton, VP of Product at AvidXchange, “As we celebrate 25 years of innovation in AP automation, we remain committed to pushing the boundaries of technology to help businesses improve operational efficiency and make more informed decisions,” she said.
“These AI-driven features reflect our dedication to providing solutions across the purchase-to-pay experience that drive tangible impact for our customers.”
- AI Approval Agent: The new AI Approval Agent helps customers quickly assess how likely an invoice is to be approved by analyzing patterns from past decisions.
- AI PO Matching Agent: AvidXchange’s AI PO Matching Agent automates one of the most time-consuming steps in the AP process: matching line-item details from invoices to purchase orders.
- Invoice Capture Enhancements: AvidXchange has expanded the AI capabilities within its Invoice Capture feature which makes it even easier for teams to move invoices through the approval process.
Read the full announcement here.
BILL Expands Platform into Single Cashflow Experience
SAN JOSE, Calif. — BILL, a leading financial operations platform for small and midsize businesses (SMBs), announced new powerful procurement capabilities and several other meaningful innovations to help businesses and accountants take control of their cash flow and win.
BILL seamlessly unifies robust procure-to-pay workflows with AP, AR, Spend & Expense and Insights & Forecasting in a single, intuitive platform, solving the most critical problem for business success: cash flow.
According to René Lacerte, CEO and Founder of BILL, “In an uncertain environment, control and visibility of cash flow is not only key to efficiency — it’s one of the most powerful levers a business has to be more resilient. Legacy spreadsheets and disparate tools are costing American businesses time, money and opportunity, and BILL is the only technology partner delivering more control, more value and more innovation SMBs need and deserve,” he said.
“Our expansion into procurement reinforces how BILL is driving innovation and setting new standards for helping businesses and accountants to manage and control their cash flow, eliminate ‘busy work’, and make strategic decisions that drive long-term growth and success.”
Read the full announcement here.
LightSource Emerges from Stealth With $33M to Modernize Sourcing and Procurement With AI
SAN FRANCISCO — LightSource Labs Inc., an AI-native enterprise procurement platform, came out of stealth and announced $33 million in seed and Series A funding at a $130 million valuation to scale LightSource’s innovative platform. The round was co-led by Lightspeed Venture Partners and Bain Capital Ventures, with participation from J2 Ventures. The platform is designed to modernize both strategic and direct material sourcing through the application of artificial intelligence.
With these funds, LightSource will scale its team, further enhance the platform’s capabilities, expand its reach into new sectors such as industrial chemicals and pharmaceuticals, and ultimately solidify its position as a strategic data repository connecting buyers and sellers across the globe.
The company stated that despite the central role procurement plays in managing billions of dollars in enterprise spending, the industry has historically lagged in technological adoption, particularly within direct sourcing – the acquisition of materials directly used in producing a company’s products.
According to Spencer Penn, co-founder and CEO of LightSource, “We want to make the easy things easier and the hard things possible by scaling our AI-powered solutions and converting procurement from a necessary evil to a critical business driver,” he said.
Read the full announcement here.
The Mekorma Releases Payment Hub v1.0 for Accounts Payable
BOULDER, Colo. — As part of its ongoing commitment to make life easier for accounts payable teams, Mekorma announced the release of version 1.0 of the Payment Hub, an end-to-end AP solution for Microsoft Dynamics 365 Business Central.
While enhancing and expanding on the default settings in Business Central, Mekorma Payment Hub includes a variety of fully embedded solutions that transform the Accounts Payables process, including:
- Automatic Vendor Validation
- Enhanced Check Printing
- Remote Payment Services
- The Action Board
According to Ora Goldman, Mekorma CEO and founder, “With the Payment Hub, we’ve created a remarkable AP Payments solution on Business Central. This solution is an easy-to-use way for companies to reduce their time-to-pay, decrease errors, and free up valuable time for their AP team,” she said.
“At Mekorma, we are committed to creating what we like to refer to as ‘AP wellness,’ and that starts with empowering AP teams with tools that allow them to work more effectively and efficiently.”
Read the full announcement here.
