This Dutch invoicing startup automates the management of commercial invoices with AI and secures 4.5 million euros
Do you find it tedious to manage your company’s invoice processing? Well, invoice processing takes time so many solutions that claim to help you could be ineffective and unreliable. This is where a Dutch startup comes in with a smarter system that challenges existing routines, cutting the shit out and taking the experience to the next level.
Fast growing Rotterdam-based accounts payable software company Cevinio (formerly InvoiceBlox, TBlox, and InvoiceSharing) are known to offer smart algorithms to remove redundant steps involved in the invoice processing process.
Get to know the incredible finalists here
His system is changing the way businesses experience invoice processing and see improved productivity and minimized compliance risk. Cevinio deploys advanced artificial intelligence technologies and its end-to-end integration requires only one app for the process.
Now, in an effort to examine its brand and purpose, InvoiceSharing founded by Jeroen Volk and Vincent Prooij in 2013 is renaming itself Cevinio. This new name will intelligently reflect the company’s algorithm.
Jeroen Volk, CEO of Cevinio, said: âThe market knows us as InvoiceBlox, InvoiceSharing and TBlox. Recently, we took a deep dive into our brand and our focus. What do we stand for and what is our main mission? We concluded that everything we do is about helping businesses perform better by delivering smart solutions, breaking routines, and removing process redundancies. Our new focus needs a new corporate identity that reflects who we are. We figured these changes wouldn’t be complete without a new name: Cevinio. It’s a clever anagram of the word âinvoiceâ; a play on words that in a way reflects our algorithm. As of today, we have a clear and recognizable presence and company name. “
Secures an investment of â¬ 4.5 million
Dutch startup Cevinio has also just announced that it has secured a 4.5 million euro investment from Endeit Capital and CNBB Venture Partners. The company will channel its investment for internal growth and accelerate the development of its intelligent invoice management algorithms. Currently, Cevinio processes invoices from over 90 countries.
Jelle-Jan Bruinsma, Partner at Endeit Capital said: âWe are very happy to help the Cevinio team achieve their international ambitions. The Accounts Payable Process Automation market opportunity is huge and currently served by generally fragmented software solutions. Cevinio has proven to deliver an end-to-end enterprise solution with a superior return on investment for high-demanding customers.
Automate invoice processing
Cevinio automates work processes and encourages companies to continuously improve their invoicing systems. Its fast invoice processing process means prompt payments to suppliers. Its intelligent algorithms facilitate contactless automation of linking invoices to purchase orders, performing invoice compliance checks, and posting invoices to the general ledger.
These procedures minimize invoice processing time by two to five times, while improving auditability and compliance. In addition to these, Cevinio offers advantages such as short implementation time and compatibility with existing systems including Oracle and SAP.
In today’s technologically advanced world, it’s important to have such fast, smart, and hands-free solutions for processing invoices. We can expect more such solutions to address the issues with billing solutions.
Main image photo credits: Cevinio
How his partnership with Salesforce helped him succeed!