US-based Accel invests $2 mn in source-to-pay solution provider Aavenir

Aavenir's source-to-pay solution offers integrated products for contract lifecycle management, for sourcing management, and more

Aavenir, a software-as-a-service-based source-to-pay solutions provider, said it has received $2 million seed funding from venture capital firm Accel. The US and Ahmedabad-based firm’s vision is to deliver the future of work by automating the source-to-pay process on ServiceNow, an advanced digital workflow platform. Aavenir plans to use this investment to accelerate the development of its products in the source-to-pay domain and expand the global reach by strengthening sales and marketing operations.

“Machine learning, NLP (natural language processing), and interactive chatbots are offering tremendous opportunities to automate and simplify the complex source-to-pay process significantly. Also, the partnership with ServiceNow allows