Model ML Secures $75 Million to advance AI-Powered Financial Workflows
NEW YORK – November 24, 2023 - Model ML, an AI workflow automation platform for financial teams, has raised $75 million in funding to accelerate global expansion and enhance its AI capabilities. The financing will support the company’s growth across key financial hubs to meet increasing enterprise demand, according to Company CEO Chaz Englander.
Founded by Chaz and Arnie Englander, Model ML enables financial professionals to automate the creation of client-ready reports and presentations – including Word documents, PowerPoint decks, and Excel spreadsheets – directly from trusted data, maintaining existing formats.
The platform is currently utilized by major banks, asset managers, and consultancies, including two of the Big Four accounting firms, to streamline operations and reduce manual processes. Model ML addresses inefficiencies that lead to lost time formatting outputs and inconsistencies across common business applications, which the company says introduces reputational risk and slows decision-making.
Model ML leverages “agent workflows” to interpret data schemas,extract and transform data,and generate branded outputs like research reports and investment memos,with built-in verification.
The funding comes as businesses increasingly recognize the drawbacks of manual back-office processes. PYMNTS Intelligence research indicates that 35% of mid-sized companies still rely entirely on manual accounts receivable (AR) processes,leading to challenges in cash flow forecasting,increased bad debt risk,and strained B2B relationships.Over 75% of small to mid-sized businesses (SMBs) continue to manually handle collections and dispute resolution via email.
