Tabs raised $55 million in a Series B funding round to accelerate its development of artificial intelligence agents for finance teams.
The company’s AI-native platform automates the contract-to-cash cycle, enabling faster invoicing, automated collections, real-time revenue recognition and faster month-end close, according to a Tuesday (Sept. 16) press release.
Founded in 2023, Tabs now serves more than 200 customers and automates over $500 million in annual invoice volume, the release said.
The most recent additions to the platform are two AI agents: billing agents that sync with the user’s customer relationship management (CRM) and enterprise resource planning (ERP) systems, read contracts, and create and send invoices; and collections agents that monitor due dates and automatically match and reconcile payments, per the release.
“Revenue in is the hardest and most valuable workflow in the enterprise, yet finance teams are still stuck with legacy ERPs,” Tabs CEO and co-founder Ali Hussain said in the release. “Tabs is bringing modern AI agents to the CFO’s office, starting with billing, complex enterprise contract management and collections, so companies can collect cash faster and reduce time spent on manual work.”
Justin Overdorff, partner at Lightspeed Venture Partners, which led the funding round, said in the release that Tabs is “eliminating manual processes that have plagued revenue workflows for decades.”
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“The team has combined deep finance expertise with purpose-built AI agents for revenue processing and tracking, and the rapid customer adoption we’re seeing validates just how ready the market is for this transformation,” Overdorff said.
Tabs raised $25 million in Series A funding in October 2024 and $7 million in seed funding in April 2024.
In June 2024, the company added a revenue recognition capability to its platform, saying this module helps businesses manage and recognize revenue, ensure compliance with accounting standards, and improve accuracy and efficiency.
The PYMNTS Intelligence report “Window of Opportunity: Gaining AR Transparency Through Automation” found that when companies adopt digital and automated accounts receivable processes, they can close visibility gaps and build stronger relationships with suppliers and customers.
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