This completes the $12 million that the company has raised so far, including a Primary Ventures pre-seed investment. The funding will support Tabs's goal to reinvent B2B AR procedures at a pivotal juncture when the majority of companies are having difficulty making a profit and collecting money. It's true that in the US, 55% of B2B invoices are past late, costing small and medium-sized enterprises trillions of dollars in lost revenue.

 

Tabs AI, a unique platform designed to comprehend and extract B2B contractual aspects, is the central component of Tabs' service. Tabs then streamlines an organization's accounting process by automating contract ingestion, invoicing, and payments using this data. Customers of Tabs, including Findigs, Pinata, and Inspiren, report a 40% decrease in collection time, primarily as a result of removing the need for manual invoice calculation. Additionally, it gives businesses the option to take advantage of market opportunities involving usage models, price adjustments, and increased sales flexibility.

"The only program we could find to completely automate our intricate billing and remittance procedure was Tabs. With only one user-friendly platform, Tabs offers all the functionality we require to manage our receivables. With Findigs, a digital underwriting platform, "we're able to get cash in the door faster and save time on manual tasks," stated Sebastian Hart, Director of Finance & Business Development. "Before Tabs, managing and submitting invoices each month required us to put in several days of manual labor." We can almost completely eliminate that labor by using Tabs. Tabs has developed the technology to centralize and simplify the entire process since it recognizes the intricacy of contemporary B2B billing.Our Finance team can focus more of their time on tasks that advance the company's growth by using Tabs to save time spent on invoicing and remittances.

"Tabs is addressing a huge issue in business-to-business," said Lightspeed Partner Justin Overdorff. Contracts for most B2B companies differ greatly from client to client. As a corporation expands, this inconsistency not only slows down finance teams over the client lifecycle but also begins to impede overall company growth and adaptability. The ideal use of AI to comprehend, organize, and then execute these contracts is Tabs. The annual sending of half a billion bills makes this an enormous task to handle.

Co-founder and CEO of Tabs Ali Hussain said, "With this funding, Tabs is set to revolutionize AR and how finance understands the customer." "Our technology offers improved board reporting, lowers financial operational risks, and saves firms a great deal of time. In the long run, our goal is to provide finance executives with game-changing insights that will significantly affect a company's long-term worth. We can expand and improve our solutions more quickly by collaborating with both new and seasoned investors, such as Lightspeed and Primary Ventures."