Andreessen Horowitz has led a $29.5 million Series A funding round for Stuut Technologies, an AI order-to-cash platform based in New York.
The round was supported by Activant Capital, Khosla Ventures, 1984 Ventures, Page One Ventures, Vesey Ventures, Carya Venture Partners, and Valley Ventures. As part of the investment, Seema Amble from Andreessen Horowitz and Steve Sarracino from Activant Capital will join Stuut’s board of directors.
Stuut is the brainchild of CEO Tarek Alaruri, COO Ben Winter, and chief design officer Miraj Mohsin, and is designed to automate accounts receivable (AR) processes. According to a statement, the technology can help businesses collect 40% more revenue, and is capable of integrating with existing ERP systems “in under a week”.
The start-up emerged from stealth late last year following a $5.91 million seed funding round with Khosla Ventures, Activant Capital, 1984 Ventures, Carya, and Page One Ventures.
The company says the proceeds from its Series A will be used to “accelerate product development and expand Stuut’s autonomous AR capabilities for mid-market and enterprise companies”.
This includes a focus on advancing tools for collections, payments, cash application, deductions, credits, and disputes, targeting industries across manufacturing, distribution, consumer packaged goods, logistics, outsourced services, and medical devices.
Source: https://www.fintechfutures.com/
