Expense management platform Fyle Technologies raises $400K in a seed round from Pravega Ventures along with BeeNext; Japanese e-commerce entrepreneur Teruhide Sato. The funding round was supported by Phaninder Sama(Co-Founder of RedBus); Richa Kar (Founder of Zivame.com) Joydeep Sen Sharma( Co-founder of Qubole) and another clutch of angel investors.
The startup was founded in February 2016 by Yashwanth Madhusudhan and Sivaramakrishnan Narayanan. Fyle is like Pinterest for business transactions, they provide digital transaction platform that solves the problem of business expense reporting and management.
The CEO of Fyle, Madhusudhan said, “Working in sales for years made us realize that both enterprises and employees could benefit from a tool that made expense management as easy as clicking the like button on Facebook.”
The platform of Fyle Technologies can be plugged in email clients such as Google’s Gmail and Microsoft’s Outlook. It can then identify expense related data on email, such as an air ticket receipt or a phone bill, and by a single user click converts that data into a format that can be retrieved in a structured format and sent to the expense tool.
Using computer vision and machine learning, Fyle’s proprietary algorithm can read data across different forms of receipts on an email account, including files in PDF or MS word format or even in an image format.
Pravega Ventures, founded in 2016, is an early stage Venture Capital fund focused on providing seed and pre-Series A funding to companies. They provide the first institutional capital required by a young company, at a seed or a pre-Ser A stage. Earlier the company had invested in the startups like InnovAccer of $15.6 Million Series A funding in July 2016 and has also provided seed funding for CroFarms. Read more startup funding news.