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Cevinio, a fast-growing Rotterdam-based Accounts Payable software company, secured a multi-million euro investment from Endeit Capital and CNBB Venture Partners. The company plans to use the funds to accelerate both its international growth and the further development of its smart invoice management algorithms. Cevinio’s client list includes large companies such as Alliance Global Investors, OMV Petrom and APA Nova (Veolia). Cevinio has proven it can make invoice management processes five times more efficient. This feat, combined with the short implementation time of its software, makes Cevinio a frontrunner in the industry.
Investment by Endeit Capital
The recent financial injection by Endeit Capital and CNBB Venture Partners allows Cevinio to further its international growth and accelerate the development of its increasingly smart invoice management algorithms. The company currently handles invoices from over 90 countries. Jelle-Jan Bruinsma, Partner at Endeit Capital, says: ‘We’re very excited to help the team at Cevinio realise their international ambitions. The market opportunity of automating accounts payable processes is massive and currently served by generally fragmented software solutions. Cevinio has proven to deliver an end-to end enterprise-grade solution with outperforming return-on-investments for very demanding clients’.
Third generation Artificial Intelligence
Cevinio, founded in the Netherlands, applies its third generation Artificial Intelligence to automate Accounts Payable invoice processing and eliminate redundant steps in the procedure. The systematic automation of work processes in this day and age forces companies to continually improve their invoice-to-pay systems. Swift invoice handling means rapid payments to suppliers. Cevinio’s algorithms facilitate the touchless automation of linking invoices to purchase orders as well as running invoice compliance checks and booking the invoices in the ledger. These procedures result in a two to five-times reduction of the invoice processing time along with improved compliance and auditability. Other advantages are the short implementation time and the compatibility of this smart system with existing systems such as SAP and Oracle.
Smart name and fresh style
This new phase in the growth of the company is facilitated by the financial support from Endeit Capital and CNBB Venture Partners, but it also involves a name change and a new corporate identity. Jeroen Volk, Cevinio CEO, explains: ‘The market knows us as InvoiceBlox, InvoiceSharing and TBlox. Recently, we profoundly scrutinized our brand and purpose. What is it that we stand for and what is our core mission? We concluded that everything we do is about helping companies perform better by offering smart solutions, breaking routines and removing process redundancies. Our new-found purpose needs a fresh corporate identity that reflects who we are. We felt these changes would not be complete without a new name: Cevinio. It is a smart anagram of the word ‘invoice’; a play on words that mirrors our algorithm in a way. Starting today, we have a clear and recognisable corporate presence and name.’
Endeit refers to the following statement in connection with the sustainable finance disclosure regulation (SFDR), available here.
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