Slope secures $30M in funding for AI-driven B2B payments service


Slope, a San Francisco-based AI startup, has raised $30 million in a recent equity round led by Union Square Ventures and featuring participation from OpenAI CEO and co-founder Sam Altman. The company aims to create a B2B payments tracking and receiving platform that ensures timely and secure payments for businesses selling products and services in bulk. Slope utilizes its own “rules-based” technology, as well as OpenAI’s GPT-3.5 Turbo and its proprietary large language models, to inform and streamline the entire B2B customer payments journey, from customer onboarding to reconciling. Additionally, Slope offers financing options for customers who are unable to pay upfront, as well as enhanced visibility into B2B payment workflows.

To achieve its goals, Slope emphasizes the importance of obtaining and leveraging “clean data” from its enterprise customers. By working closely with these customers to gather and format data on their orders, Slope is able to assess creditworthiness, fraud risk, and optimal credit extensions using its SlopeGPT tool, which clusters data into embeddings to determine regular and anomalous payment patterns. This AI-driven technology enables Slope to detect anomalies and prevent fraudulent activities within the B2B payment process. The company has also developed its own proprietary large language model that further enhances its risk identification capabilities.

Slope’s recent funding will be used to continue building its team and refining its technology, including its online payments and invoicing tool. With its comprehensive approach to B2B payments, Slope aims to be the gold standard in ensuring payment integrity and facilitating efficient transactions for businesses operating in the B2B space.

Source link

Share post:




More like this

Official Collection Trailer: Dead by Daylight x Rainbow Six Siege – IGN

The official collection trailer for Dead by Daylight x...

Bungie’s Morale Plummets with Sony Takeover Looming

Sony's acquisition of Bungie for $3.6 billion in 2022...

Google upgrades Bard chatbot with next-gen AI model Gemini in major update.

Google is updating its generative AI chatbot, Bard, with...

Apple to escape EU crackdown on iMessage under 13 words

The European Union is considering granting Apple Inc.'s iMessage...