Stampli Inc., a startup using artificial intelligence to make accounting teams more productive, today announced that it has closed a $61 million late-stage funding round led by Blackstone.

The Series D round also included the participation of returning backers Insight Partners, SignalFire, Bloomberg Beta and NextWorld Capital. Stampli’s total outside funding now stands at $148 million.

Mountain View, California-based Stampli offers a software platform that promises to ease accounting teams’ so-called accounts payable workflow, or the task of paying supplies. The company says its software can reduce the amount of time involved in processing supplier invoices by more than 70%. 

Stampli uses an AI bot dubbed Billy to automatically extract the contents of paper and PDF invoices. The bot can automatically enter the data it collects into a company’s enterprise resource planning, or ERP, application. Such applications are used by organizations to store invoices and other important business information.

One of Stampli’s core selling points is that its platform can be implemented without making any major changes to an organization’s ERP application. According to the company, its platform includes more than 70 ready-to-use integrations with popular ERP products. Stampli says those integrations make it possible to set up its software in days rather than the months the task usually requires.

Besides entering invoice data into ERP applications, Stampli’s AI also checks the data for errors. The company says its platform can compare a supplier’s invoice against the associated purchase order, the document specifying what merchandise the supplier was commissioned to deliver. It also checks the goods receipt, a record used to confirm that the merchandise was delivered.

Stampli offers its core accounts payable automation features alongside a number of other financial tools. Those tools are designed to ease two tasks: managing suppliers and issuing corporate credit cards.

When a company signs a procurement agreement with another firm, it has to collect and store various business documents that describe the transaction. Stampli says its platform eases the task of collecting documents from suppliers. Additionally, the platform makes it possible to create a web portal through which suppliers can submit invoices on a self-service basis.

Another tool offered by Stampli enables accounting teams to issue corporate credit cards to employees. According to the company, credit cards provisioned through its platform can be customized for specific tasks such as purchasing subscriptions. Accounting teams can use a set of built-in monitoring features to track spending activity. 

“In this macroeconomic environment, where companies have to be more careful with their spend and their cash, Stampli became the solution of choice due to our superb user experience, super-fast implementation and deep ERP integration capabilities,” said co-founder and Chief Executive Officer Eyal Feldman (pictured, left, with co-founder Ofer Feldman).

The company disclosed on occasion of today’s funding announcement that its platform is used by more than 1,300 organizations. Stampli says it helped process invoices worth more than $5 billion in August alone.

Photo: Stampli