#USA #London #AI Software #Accounts Payable #Xelix

Xelix's Significant $160 Million Series B Funding

Xelix, a pioneering company specializing in agentic AI solutions within the Accounts Payable (AP) domain, has recently announced a substantial funding round. This Series B round has garnered a total of $160 million, spearheaded by Insight Partners, a renowned player in global software investment, along with contributions from Passion Capital and LocalGlobe. This influx of capital is set to bolster Xelix’s commitment to revamping financial practices through innovative technology.

The Need for Change in Accounts Payable

For an extended period, businesses have been tethered to outdated manual processes and rudimentary systems when managing their Accounts Payable and vendor risks. This reliance often culminates in significant financial losses due to excess payments, heightened susceptibility to fraud, and cumbersome manual workflows that hinder operational efficiency. Recognizing these pervasive issues, Xelix has engineered an AI-powered platform that integrates easily with existing financial systems. It is designed to detect payment inaccuracies, mitigate fraud, and streamline AP operations, ultimately fostering a more strategic and efficient approach to financial management.

Notably, esteemed multinational corporations including AstraZeneca, British American Tobacco, GlaxoSmithKline, and Virgin Atlantic have reported significant cost savings after implementing Xelix’s transformative solutions. These firms have successfully transitioned their costly manual processes into intelligent, automated workflows, signifying a shift in how modern enterprises approach their financial operations.

Strategic Growth and Future Aspirations

The recent funding is a testament to Xelix’s impressive growth trajectory, especially over the past year. The product landscape has expanded to encompass additional functionalities such as the Helpdesk module—an innovative AP ticketing tool adept at managing high volumes of supplier inquiries. Currently, the Xelix platform processes over 115 million invoices annually and has audited a remarkable $750 billion in expenditures across more than 130 global clients.

According to Paul Roiter, Xelix’s CEO, this funding represents a pivotal moment in the company’s journey. Roiter emphasizes that it will not only catalyze product innovation but also enable Xelix to broaden its market influence and solidify its leadership position in the industry. This will allow finance teams to transition from a traditional back-office function to a strategic, data-informed partner in decision-making processes.

On the investor side, Ryan Hinkle, Managing Director at Insight Partners, articulated the pressing need for a robust audit and control solution for enterprise finance teams. With traditional spot checks falling short, Hinkle underscores the necessity for a comprehensive control mechanism that covers all invoices, thereby minimizing risks of fraud and errors. Xelix's AI-infused approach addresses these critical needs efficiently, driving substantial improvements in daily AP operations.

As part of this investment opportunity, Hinkle and Alessandro Luciano, Vice President at Insight Partners, will join the board of directors at Xelix, further enriching the company’s strategic vision and future endeavors.

About Xelix

Founded in 2018, Xelix has established itself as a leader in the Accounts Payable auditing and controls arena. Their cutting-edge platform seamlessly integrates with existing ERP and finance systems, offering powerful solutions to detect payment discrepancies and streamline AP interactions. With a proven track record of aiding finance teams in reducing risks and unlocking financial efficiencies, Xelix is well poised to continue shaping the future of Accounts Payable management.

For more information about Xelix and their journey, please visit Xelix's Website.

About Insight Partners

Insight Partners is a notable global investor recognized for partnering with high-growth technology companies that are driving significant transformations across various industries. With over $90 billion in regulatory assets under management, they have a rich portfolio of more than 800 companies worldwide. Insight Partners’ mission revolves around identifying, funding, and supporting visionary executives to foster growth from initial investment to IPO. For further details on Insight Partners, visit their website at InsightPartners.com.