Expense management platform Fyle Technologies raises Rs 2.7 cr in a seed round

BENGALURU: Fyle Technologies, a computer vision-enabled expense management platform for enterprises, has raised $400,000, about Rs 2.7 crore, in a seed funding round led by early-stage fund Pravega Ventures

BeeNext, a venture fund by Japanese ecommerce entrepreneur Teruhide Sato, and a clutch of angel investors including redBus cofounder Phaninder Sama, Zivame founder Richa Kar and Joydeep Sen Sarma, cofounder of cloud company Qubole, too, took part in the funding round.

Fyle Technologies will utilise the money to expand its business outreach to large and mid-size enterprises in the country, its chief executive Yashwant Madhusudhan said. The company has already signed up with 25 enterprise customers including Capillary Technologies, Belong Technologies and Zivame.

"Working in sales for years ma de us realise that both enterprises and employees could benefit from a tool that made expense management as easy as clicking the like button on Facebook," Madhusudhan said.

Fyle's platform - which can be plugged in email clients such as Google's Gmail and Microsoft's Outlook -can identify expenserelated data on email, such as an air ticket receipt or a phone bill, and by a single user click convert 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.