Xelix has secured a USD 160 million Series B funding round in order to optimise and accelerate agentic AI development in Accounts Payable.
Following this announcement, the funding is set to enable Xelix to accelerate platform development, as well as support mode organisations in the process of adopting AI for their finance operations. The USD 160 million Series B funding round was led by global software investor Insight Partners, with follow-on investments from Passion Capital and LocalGlobe.
In addition, Xelix's AI-powered platform was developed in order to integrate with existing systems in order to detect payment errors and fraud, automate supplier statement reconciliations, as well as streamline AP Helpdesk operations. Through this initiative, enterprise organisations will also have the possibility to develop costly, manual AP processes into automated, intelligent workflows.
More information on Xelix’s USD 160 million Series B funding round
According to officials of the company, the investment will allow the company to accelerate product development, expand market presence, and optimise the process of enabling more finance teams to evolve Accounts Payable from a manual back-office function into a strategic, data-driven business partner. At the same time, Xelix will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Furthermore, Xelix will continue to leverage AI in order to deliver a comprehensive control layer, improving the way institutions and enterprises eliminate overpayments and fraud risk while driving major efficiencies by automating day-to-day AP tasks. In addition, the company will give finance teams the opportunity to unlock cost savings, reduce risks, and drive improved efficiency across Accounts Payable.
