Accounts receivable artificial intelligence (AI) firm Stuut Technologies has raised $29.5 million in Series A funding.
The round was led by Andreessen Horowitz, with participation from Activant Capital, Khosla Ventures, 1984.vc, Page One Ventures, Vesey Ventures, Carya Venture Partners, and Valley Ventures.
The new round updates Stuut’s board of directors as Seema Amble from Andreessen Horowitz and Steve Sarracino from Activant Capital will join the board.
The new money is expected to pay for product development across key components, including collections, payments, cash application, deductions, credits, and disputes.
Stuut explains their value proposition as addressing the 5% loss of EBITDA due to menial chores in receiving and managing payments.
Stuut is described as “the AI coworker” that understands everything in the process.
Tarek Alaruri, CEO and co-founder of Stuut, says what they are doing did not exist 18 months ago.
“We can now handle exceptions and complexity, learn from each interaction, work across disconnected systems, and execute tasks end-to-end. Previous solutions help humans click buttons faster. We eliminate the clicking entirely and are helping brands collect millions more in previously lost revenue.”
