Seattle- and Pune-based Rivvun AI has raised $7.55 million in a round led by Sitara Capital and 3one4 Capital.
Founded by Anand Veerkar, Niranjan Umarane (previously senior executives at software firm Icertis), and Singapore-based serial entrepreneur Patrick Linton, Rivvun AI helps large companies find and recover monies they are unknowingly losing due to operational issues, contract mismatches, billing errors, and inefficient business processes.
The fresh capital will be used to expand go-to-market (GTM) efforts, invest in product development and research, and grow its team of engineers working with customers to deploy and operate its solutions.
The startup said its platform uses AI agents to analyse contracts, invoices, procurement records, and other enterprise data to identify revenue and spending leakages that often go undetected across large organisations.
“Customers don't want technology, customers want outcomes and results. We're focussed on technology as a means to deliver business results, not as an end in itself,” said Umarane.
The company estimates that enterprises globally lose about $2 trillion annually through missed discounts, incorrect payments, contract non-compliance, billing inaccuracies, and other operational inefficiencies. Rivvun AI said its platform helps organisations detect and recover such losses while improving visibility across business processes.
“We’ve invested in enterprise technology for years. The winners tie their value directly to a number the CFO can see on the P&L. Rivvun does exactly that with precision rare for a company at this stage — and with a founding team that has already built a category-leader in this space ” said Sachin Bhanot, Managing Partner, Sitara Capital
The startup works with a number of large enterprise customers and plans to expand its presence in north America and Europe.
Per McKinsey estimates, procurement teams can lose up to a third of planned savings during execution, while transaction inefficiencies and non-compliance account for a further 3-4% of external spends.
