Artificial intelligence is showing up in unexpected sectors.
(Bloomberg) — Stampli Inc., a startup that makes artificial intelligence-powered tools to help companies pay their bills, said Tuesday that it has raised $61 million in fresh funding.
Funds managed by Blackstone Inc. led the round. The company declined to give its valuation.
Stampli, whose customers include Grubhub Holdings Inc. and mattress maker Purple, uses AI to automate the processing of invoices and help businesses pay vendors. “AI became fashionable again and we’ve actually been using it for a long while,” said Chief Executive Officer Eyal Feldman.
With the cash infusion, Stampli has raised more than $148 million since it was founded in 2015. Feldman said the startup plans to use the new funds to expand its staff from 250 people to about 350 employees. He said the company is “starting to think about and prepare for” an eventual initial public offering.
Existing investors participating in the round included Insight Partners, SignalFire and Bloomberg Beta. (Bloomberg Beta is the venture capital arm of Bloomberg LP.)
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