Fazeshift Raises $17M Series A to Automate Accounts Receivable With AI

Fazeshift Raises $17M Series A to Automate Accounts Receivable With AI

Fazeshift, a startup that uses AI agents to automate accounts receivable, has raised $17 million in a Series A round of funding, the company exclusively told Crunchbase News. The raise marks a significant step forward for the San Francisco-based fintech, which is betting that the future of enterprise finance runs on AI not spreadsheets and manual workarounds.

Taking on a $200 Billion Problem

Enterprises waste over $200 billion annually managing accounts receivable, bogged down by manual tasks like reconciling payments, generating invoices, and chasing overdue accounts. Fazeshift AI accounts receivable funding aimed squarely at dismantling that burden. Its core product is an AI agent that uses large language models to manage the end-to-end AR workflow, integrating with a client’s existing software stack including CRM and ERP systems to extract contract data, generate accurate invoices, automate payment reminders, and handle collections.

Unlike traditional robotic process automation tools, Fazeshift is designed to handle complex and variable billing scenarios with greater precision and flexibility, helping businesses reduce operational costs and improve cash flow by shortening Days Sales Outstanding.

The company was founded in 2023 by CEO Caitlin Leksana and CTO Timmy Galvin, both Harvard MBA graduates, who experienced the pain of broken AR processes firsthand. The new Series A follows a $4 million seed round led by Gradient Ventures, Google’s early-stage AI fund, with participation from Y Combinator, Wayfinder, Pioneer Fund, Ritual Capital, Phoenix Fund, and prominent angels.

With this fresh capital, Fazeshift is positioning itself to expand its enterprise footprint and push further into back-office automation a space growing louder with investor appetite.