AppZen was founded in 2012 by Anant Kale and Kunal Verma. The company has not publicly endorsed plans to pursue an IPO, but the company is growing rapidly, arriving at a post-money valuation of $500 million in 2019, a significant increase from the previous year when AppZen was valued at $175 million. These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
AppZen develops AI-powered tools specifically targeted at finance departments. The company's most popular product is an expense auditing program that automatically flags employee expenses that may not be compliant with company policy. AppZen has an impressive list of customers that includes Amazon, Boeing, ADM, Airbus, Verizon, Nvidia, Salesforce, and others. The company states that they are "trusted by a third of the Fortune 500." In 2019, the company raised $50 million in a funding round led by Coatue Management. Other investors include Redpoint Ventures and Lightspeed Venture Partners. This round raised the company's total funding to just over $100 million.