Model ML Secures $75 Million to advance AI-Powered Financial Workflows
NEW YORK – November 24, 2023 โค- Model ML, anโค AI workflow automation platform for financial teams,โ has โraised $75 million โin funding to accelerate global expansionโข and enhance itsโ AI capabilities. The financing will support the company’s growth across key financial โคhubs to meet increasingโ enterprise demand, โaccording to Company CEO โคChaz Englander.
Founded by Chaz andโฃ Arnie Englander, Model โขML enables financial professionals โtoโฃ automate the creation of client-ready reportsโฃ and presentations – including Word documents, โPowerPoint decks,โ and Excel spreadsheets – directly from trusted โdata, maintaining โexisting formats.
Theโ platformโ is currently utilized by major banks, assetโ managers, โขand consultancies, including two ofโ the Big Four accounting firms, toโ streamline operations and reduce manualโ processes. Model ML addresses โinefficiencies that leadโค to lost timeโ formatting outputs and inconsistencies across common business applications,โฃ which the company says introduces โreputational โrisk and slows decision-making.
Modelโข ML leverages “agent workflows” to interpret data schemas,extractโค 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 โฃmanual back-office processes. PYMNTS Intelligenceโค research indicatesโค that 35% of mid-sized companies still โฃrely entirely on โขmanual accounts receivable (AR) processes,leading โขto challenges in cash flow forecasting,increased bad debt risk,and strained B2B relationships.Over 75% of small to mid-sized businesses (SMBs) โcontinue โto manually handleโ collections and dispute resolution via email.