Funding for tech firm
Late payments AI firm Previse raises $7m
Gillian Docherty: sits on advisory board
Tech firm Previse which has set up a data science base in Scotland has raised $7m in a Series A funding round.
The company has developed software aimed at tackling late payments and is being backed in this round by listed European fintech specialist Augmentum Fintech and one of the world’s pre-eminent venture capital firms, Bessemer Venture Partners. It also includes participation from Hambro Perks and existing and new angel investors.
Earlier this year London-based Previse created 37 data science jobs in Glasgow, following an £800,000 grant from Scottish Enterprise. Gillian Docherty of Data Lab sits on the company’s advisory board.
Its AI technology is designed to enable large firms to pay suppliers on the day they receive an invoice by using machine learning technology to root out the invoices which are unlikely to be paid.
Since being set up in 2016, Previse has grown rapidly, signing up seven large organisations. The Series A funding will help it meet demand and further develop its technology.
Paul Christensen, co-founder and chief executive, said: “We opened our doors to customers just over 12 months ago. Since then, we’ve seen huge interest in our instant payment programme from Governments and corporates.
“Among CFOs at large corporations, there is a real understanding of the huge inefficiencies in the current B2B commerce model and a desire for a solution. With this funding, we will be able to grow our model to meet this demand and ensure that every supplier in the world has the option to be paid instantly.”