Fyle Technologies, a startup which provides expense management platform for enterprises using computer vision technology, has today announced that it has raised $400,000 in its seed funding round.
The round was led by Pravega Ventures, along with the participation of BeeNext, a venture fund by Japanese ecommerce entrepreneur Teruhide Sato, and a clutch of angel investors including redBus cofounder Phaninder Sama, Zivame founder Richa Kar and Joydeep Sen Sarma, cofounder of cloud company Qubole.
With today’s fresh capital infusion, the company is now planning to expand its business outreach to large and mid-size enterprises in the country. It has already signed up with 25 enterprise customers including Capillary Technologies, Belong Technologies and Zivame.
Yashwant Madhusudhan, chief executive of the company, said,
Working in sales for years made us realise that both enterprises and employees could benefit from a tool that made expense management as easy as clicking the like button on Facebook.
Founded in February last year, Fyle Technologies brings in deep linking and deep learning to the world of transaction processing and management. It is a digital transaction platform that allows users to connect, store and share business transactions with a click of a button.
The platform of Fyle Technologies can be plugged in email clients such as Google’s Gmail and Microsoft’s Outlook. It can then identify expense related data on email, such as an air ticket receipt or a phone bill, and by a single user click convert that data into a format that can be retrieved in a structured format and sent to the expense tool.
The company’s proprietary algorithm, which makes use of computer vision and machine learning, can read data across different forms of receipts on an email account, including files in PDF or MS word format or even in an image format.