Google Helps AI Agent Fazeshift Raise $4 Million in Seed Funding

Fazeshift, an accounts receivable-focused artificial intelligence (AI) agent, has raised $4 million in seed funding.

The funding round, announced Tuesday (Jan. 7), was led by Google’s early-stage AI fund Gradient, with support from Y Combinator, Wayfinder, Pioneer Fund, Ritual Capital, Phoenix Fund and angel investors including Terrence Rohan, Kulveer Taggar, and Rich Aberman.

“Enterprises waste over $200 billion annually managing accounts receivable (AR), bogged down by manual tasks like reconciling payments, generating invoices, and chasing overdue accounts,” the company said in a news release.

“Fazeshift streamlines this process by automating everything from invoice creation to payment reconciliation, freeing teams from hours of manual work.”

Unlike traditional robotic process automation (RPA), which struggles to grasp the nuances of AR, Fazeshift’s LLM-powered approach can handle complex workflows, per the release. Using highly specialized LLM prompts tuned to each specific task, Fazeshift can deliver the accuracy and flexibility that enterprise-grade operations need, the release added.

According to the release, Fazeshift is working with a number of large enterprise customers and automating workflows that once needed 12-member teams.

“We are seeing AI agents that can reason, perform human-like tasks, and do so with the nuance required for these more sensitive business applications,” Fazeshift Co-founder and CEO Caitlin Leksana said in the funding announcement.

“Eventually we’re going to see all tedious and manual back-office tasks be eliminated. The opportunity for transformation in AR is massive, and this funding allows us to accelerate our product development and customer acquisition efforts.”

This is in keeping with what experts have told PYMNTS: that AI agents have moved beyond basic chatbots to make complex operational decisions at major companies.

“While traditional AI approaches have centered around assistance, the ability for AI agents to reason, decide and take action will amplify results,” Archana Kannan, senior vice president of product for work messaging app Slack, told PYMNTS in November.

“Ultimately, agents are going to transform how every user gets their job done, particularly the mundane, common tasks like automating projects, new hire onboarding, generating content or managing IT incidents.”

PYMNTS wrote more recently that AI agents were part of the retail industry’s larger embrace of artificial intelligence last year, with companies such as Skyfire Systems launching payment networks specifically for AI agents, letting them conduct transactions without human involvement.

“These agents acted as decision-makers, analyzing vast datasets in real time to adjust inventory levels, optimize delivery routes or recommend products,” that report said.