Procurify raises USD $20 million from CIBC Innovation Banking

Procurify — a purchasing and accounts payable (AP) startup — has secured USD $20 million in growth capital from CIBC Innovation Banking.

The platform streamlines purchasing and expense management on both desktop and mobile. Users can create and oversee orders, submit and approve requests, generate reports on daily operations, and more. Notably, its new AP module leverages AI to automate invoice processing. It can instantly scan invoices to extract data, identify inaccuracies, and pre-populate draft bills — speeding up a workflow that, according to the company, can otherwise take up to an hour per invoice. Payments can also be made through ACH, wire transfers, and checks in the U.S., as well as electronic funds transfers in Canada.