Dutch startup Cevinio (previously InvoiceBlox) has secured a €4.5 million investment from Endeit Capital and CNBB Venture Partners. Cevinio plans to use the fresh funds to accelerate both its international growth and the development of its smart invoice management algorithms.
Founded in 2013, the startup was previously known under the name of InvoiceBlox, and has decided to refresh its name to kick-start its international expansion. Cevinio’s platform makes invoice-to-pay processes up to 5 times more efficient for multinational companies, and requires only a short implementation period to be up and running.
Jeroen Volk, CEO Cevinio, explains their recent name change: “We made a name for ourselves 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.”
So how does it work exactly? Cevinio uses its third generation artificial intelligence to automate credit invoicing and eliminate any redundant steps in the procedure. Cevinio’s algorithms ‘touchlessly’ link incoming invoices to purchase orders as well as automatically run invoice compliance checks and log the invoices in the accounts. These procedures result in a 2-5 times speedup of the invoicing process. Other advantages are the short deployment time and the compatibility of this smart system with existing systems such as SAP and Oracle.
The recent financial injection by Endeit Capital and CNBB Venture Partners will allow Cevinio to accelerate its international growth and the development of its increasingly smart invoice management algorithms. The company currently handles invoices in over 90 countries. Jelle-Jan Bruinsma, Partner at Endeit Capital, says: “In the recent past, we have worked intensively with Cevinio and we are impressed with their superfast and reliable software. Cevinio is taking the invoice-to-pay market by storm, which is an impressive feat to witness. Endeit Capital is looking forward to being part of this quest and helping Cevinio live up to its international ambitions to become a global market leader. In addition to our financial investment, we will therefore also offer Cevinio access to our international network of scale-ups”.