Seattle-based enterprise software startup, KredosAI, recently secured additional funding to support its growth. Founded in 2020 by former T-Mobile executives Balaji Sridharan and Dave Thoms, Kredos utilizes artificial intelligence to assist businesses in recovering late payments from customers. The company aims to help organizations recoup revenue lost due to unpaid invoices, as delinquency rates continue to rise across different industries.
The recent filing with the SEC indicates that KredosAI raised $2.1 million in fresh capital, although the exact amount of the funding round remains undisclosed. StartFast Ventures, an early-stage investment firm based in Syracuse, N.Y., led the latest round of funding. Previously, the company had raised approximately $1 million from investors such as SeaChange Fund, SaaS Ventures, Stout Street Capital, Okapi Ventures, and Early Light Ventures.
By leveraging artificial intelligence, KredosAI streamlines the process of communicating with customers who have overdue payments, making it easier for businesses to follow up on outstanding balances efficiently. This cutting-edge technology enables companies to engage with delinquent customers in a more personalized and effective manner, ultimately improving the likelihood of successfully collecting late payments.
The rising trend of delinquency rates poses a significant challenge for businesses across various sectors. In response to this growing issue, KredosAI offers a solution that leverages advanced AI capabilities to facilitate communication and payment collection processes, thereby enabling companies to reduce the financial impact of missed payments and improve their overall cash flow.
With the additional funding secured through the latest round of investment, KredosAI is well-positioned to further develop its software platform and expand its customer base. The support from StartFast Ventures and other investors will enable the company to enhance its technological capabilities, scale its operations, and reach more businesses looking to optimize their accounts receivable processes through AI-powered solutions.
Overall, KredosAI’s innovative approach to helping businesses recover late payments, combined with its recent funding success, underscores the growing demand for AI-powered solutions in the financial services industry. As the company continues to grow and evolve, it is poised to make a significant impact on how businesses manage their accounts receivable operations and navigate the challenges posed by increasing delinquency rates in today’s economic landscape.
