Approveit, a platform designed to streamline operations and automate business processes, has secured $1 million in funding from a group of investors, including 10vc, Verras Capital, and Telegraph Hills Capital, among others. The newly raised capital will support Approveit’s mission to integrate seamlessly with existing business systems, providing enhanced transparency and control over financial processes, auditing, and reporting.
The demand for automation software has surged as companies, especially large global enterprises, face challenges in managing data and requests across multiple systems. Inefficiencies, delays, and errors are common, compounded by the variability in executing standard procedures across departments and locations. Approveit addresses these issues by offering a platform that consolidates and automates workflows, reducing approval times and improving overall efficiency.
Serge Gusev, CEO and co-founder of Approveit, highlighted the platform’s growing versatility as clients use it for internal audits, HR operations, and strategic decision-making. “This revelation expanded our vision of Approveit’s potential and deepened our understanding of diverse industry needs,” Gusev said. He also emphasized that the company plans to use the new funding to attract more clients, enhance its technology, and achieve $1 million in annual recurring revenue (ARR) by March 2025.
Approveit’s platform offers quick setup and full integration with existing systems within a week. The platform uses AI to generate workflows and integrates communication into existing work tools like email, Slack, or Microsoft Teams. It also connects to a company’s infrastructure, with the option to import data from HR information systems (HRIS). According to customer surveys, businesses using Approveit could save up to $2 million annually by reducing operational inefficiencies and human errors.
“Our mission is to help businesses thrive,” said Dmitry Matveev, CTO and co-founder of Approveit. “We create our product not only with our ideas but also based on users’ experience and feedback. We’re leveraging over 100,000 customer requests to build an ML model, providing enhanced insights into their processes for more informed decision-making.”
With the growing market for similar automation platforms, Approveit aims to position itself as a key player by offering solutions that address the inefficiencies plaguing many businesses today.
