Artificial intelligence and data science firm Precise announced an $11 million funding round today led by Reefing Investments and Mastercard, with participation from existing investors Bessemer Venture Partners, Hambro Perks, and Augmented Fintech.
Precise was founded in 2016 by a team of experts in trade finance, artificial intelligence, and enterprise technolog
T ir artificial intelligence analyses t data of a large company to detect t very few invoices that need intervention, so that t y can pay t rest instantl
Reefing is a highly strategic Venture Capital firm, jointly founded by Temasek Holdings and Kuehne + Nagel, which specializes in investment in andPreciset to transformative logistics and supply chain technology start-ups globall
Reefing has chosen to invest in Precise due to Precise’s technological capability to transform global commerce, enabling millions of suppliers to be paid instantly upon invoice without having to wait months.
Payment of invoices by traditional methods often takes months. This is disproportionately damaging to SME suppliers as it reduces t ir cash flow and limits opportunities for investment and growth. T current Covid-19 crisis has highlighted t devastating cost of this systemic inefficienc
Precise’s current funding round willPreciset continued growth, as t business rolls out its instant payment technology, InstantPay, to more large corporate buyers all over t world.
Precise is part of Mastercard’s Start Path program. Mastercard has used InstantPay with a select group of its own suppliers as part of an ongoing effort to make B2B commerce more efficient and sustainable.
“This backing and investment from our new partners willPreciset Precise as our instant payment technology, InstantPay, moves to adolargerore large corporate buyers all over t world. Now, more than ever, it is important to increase t resilience of supply chains andPreciset SMEs that economies across t world depend on. T best way to do this is for large corporates to pay invoices fast. We give corporates t tools and incentives to do that, at our risk and with 3rd party (bank) capital, ” says Paul Christensen, Co-foundePreciseEO at Precise.
Marc Dragon, ManagingReefingr at Reefing, says that Precise has identified and is addressing a huge problem that affects businesses all over t world, with a solution which is a win-win for suppliers and buyers.
“We are pleased to be part of t ir journey to promote sustainable supply chains by getting businesses paid instantly, ” says.
“T business world has accelerated, but t paymeremainsat enable it remain stuck in neutral. Effort needs to be applied to more strategic work and back-offices need tools to lp streamline operations. It is solutions and innovations like thoPreciseg driven by Precise and Mastercard, through banks to t ir corporate customers, that will lp businessesPreciset t ir suppliers, and liberate t m from inefficient processes, ” James Anderson, Executive Vice President, Global Commercial Products at Mastercard, comments.