US-based Accel invests $2 mn in source-to-pay solution provider Aavenir

Aavenir's source-to-pay solution offers integrated products for contract lifecycle management, for sourcing management, and more

Aavenir, a software-as-a-service-based source-to-pay solutions provider, said it has received $2 million seed funding from venture capital firm Accel. The US and Ahmedabad-based firm’s vision is to deliver the future of work by automating the source-to-pay process on ServiceNow, an advanced digital workflow platform. Aavenir plans to use this investment to accelerate the development of its products in the source-to-pay domain and expand the global reach by strengthening sales and marketing operations.

“Machine learning, NLP (natural language processing), and interactive chatbots are offering tremendous opportunities to automate and simplify the complex source-to-pay process significantly. Also, the partnership with ServiceNow allows us to be in front of their customers who are always looking to capitalize on their existing ServiceNow investments and automate more of their business processes,” said Jesal Mehta, CEO, Aavenir.

Aavenir’s source-to-pay solution offers integrated products for contract lifecycle management, for sourcing management and for accounts payable automation to enable efficient sourcing, procurement and contracting processes.

“There has been a noticeable increase in enterprises’ appetite for automating the entire source-to-pay process in recent years. With the clever use of the ServiceNow platform and the team’s deep domain expertise, Aavenir has positioned itself as a thought leader in the source-to-pay space. We’re excited to be joining Aavenir on its mission of delivering the future of work,” said Prayank Swaroop, Partner at Accel.

“As an experienced ISV (independent software vendor) partner, Aavenir has clearly identified the pain points within enterprise source-to-pay workflow and offers a smarter solution,” said James Maxwell, ISV Lead, ServiceNow, a US based-cloud computing firm.