The Palo Alto and Pune-based AI-powered fintech startup Zeni has completed a Series B fundraising round and secured $34 million. It is an advanced fintech platform that allows companies to do all their financial tracking in one place.
Elevation Capital led the fund. Other investors included Neeraj Arora, Think Investments, Sierra Ventures, Saama Capital, Twin Ventures, Dragon Capital, Liquid 2 Ventures, and Amit Singhal.
Digital transformation continues increasing amid startups and small businesses turning to digitize and automate their business operations.
According to Snehal Shinde, Co-founder and Chief Product Officer at Zeni, “Startups and small businesses are fundamentally changing how they operate based on digital-first tools and services that are displacing the traditional, slow and human-intensive services across every category.”
Zeni, a bookkeeping and accounting platform, uses its AI-powered Zeni Dashboard to provide real-time insights and flux analysis of a company’s key financial metrics.
These tools include a Universal Search of transactions across a company’s entire finance stack, Spend and Income Trends for every customer and vendor in their ecosystem, and Cash In and Cash Out analysis, among others.
Zeni has posted 550 percent in revenue growth year-over-year. The startup currently serves more than 100 startup customers.
In addition to the investment, Ravi Adusumalli, founder of Elevation Capital, will also become a member of Zeni’s board.
“Our focus at Zeni is to make financial management as seamless as possible for our customers, which carries over to the minimalist, intuitive product experience within the Zeni Dashboard. Every feature we introduce has an explicit purpose based on our customers’ needs, and is meticulously crafted to allow startup founders to find the answers to their questions in the most direct, actionable way possible,” Shinde said.
With the new funds, the startup will expand its service by investing its employees in the US and India across product, technology, marketing, sales, and finance operations.