San Francisco-based artificial intelligence (AI) startup Fazeshift has secured $17 million in Series A funding to automate accounts receivable (AR) and other financial tasks, bringing its total capital raised to $22 million, according to a Thursday (May 7) press release.
Led by venture capital firm F-Prime, the funding round included participation from Gradient — Google’s early-stage AI fund — as well as Y Combinator, Wayfinder, Pioneer Fund, Ritual Capital and several angel investors. The startup plans to use the fresh capital to invest in product development, accelerate its go-to-market strategy and scale adoption among enterprise organizations.
Corporate finance teams are currently undergoing a structural transition as AI technology shifts from a supplementary tool into an autonomous execution engine, the release noted. Despite its importance to corporate cash flow, AR remains a heavily manual process at most companies, often requiring large teams to generate invoices, pursue collections, match incoming payments and reconcile data across fragmented software tools. Rather than introducing a separate, disconnected system of record, Fazeshift functions as an execution layer that integrates directly with a company’s existing enterprise resource planning (ERP) software, customer relationship management (CRM) systems, email and payment platforms. The platform’s AI agents execute these workflows automatically, handling everything from invoice creation and payment reconciliation to customer communication and system updates.
Fazeshift’s platform currently automates more than 90% of manual AR tasks for its users, according to the release. Over the past year, the company has grown its revenue twelvefold and now serves dozens of enterprise clients, including eight billion-dollar “unicorn” startups. Notable customers include Sigma Computing, Snyk, Meter and Clipboard Health. For these clients, the technology has demonstrated the ability to reduce days sales outstanding (DSO) and execute workflows at a scale beyond human capacity. Examples include the platform’s AI agents automating more than 9,000 customer communications in a single day and helping collect $7.4 million in cash within weeks of its initial deployment, per the release.
“Finance teams are still spending days reconciling a single payment across hundreds of invoices, or logging into portals over and over just to check if something has been posted,” Caitlin Leksana, CEO and co-founder of Fazeshift, said in the announcement. “This is critical work that remains largely unsolved by software. Fazeshift changes that by operating these workflows directly with AI—starting with accounts receivable, and helping teams transition to an AI-native way of working.”
The push toward autonomous finance aligns with broader industry trends, including a newly announced partnership between OpenAI and professional services firm PwC to build AI agents for core corporate finance functions such as forecasting, planning and payments.
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