Rover180 acquires AI startup Vemity to boost its supply chain payment processing with artificial intelligence
Rover180, a supply chain finance and factoring company, has acquired artificial intelligence startup Vemity. The total amount of the deal was not disclosed. Rover180 will leverage Vemity’s technology to cut costs associated with invoicing and accelerated payments for the $740 billion annual transportation industry. With the acquisition, Rover180 will be able to create AI optimization for supply chain payment processing to improve speed and accuracy. The integration of scalable machine learning also positions Rover180 to reduce time and effort associated with processes like three-way matching in payment processing.
“We pride ourselves on being at the forefront of innovation in the finance industry. By capitalizing on the advances happening with artificial intelligence, we can add smarts around accelerated payments for our clients,” said Eric Meek, Rover180 board member. “Vemity’s autonomous machine learning model harnesses often overlooked data to reduce manual work, improve invoice accuracy, and increase payment velocity for buyers and vendors along the supply chain. This move aligns so well with the ‘better, faster, more’ mentality of today’s consumers.”
Founded in 2016 by Brandon Boynton, Zach Walters, and Zachary Balda, the Indianapolis, Indiana-based Vemity allows developers to easily integrate AI and deep learning into any project without any knowledge of computer science or neural network theory. This goes a step further by allowing businesses to use their existing developers to build AI, rather than expensive data scientists. Vemity brings the application of artificial intelligence to the masses by allowing users to create learning models based on data sets optimized through the AI platform. The result creates robust information analyses and predictive automation for human tasks at a low monthly cost. The technology helps businesses use existing developers to build AI, rather than expensive data scientists. The results drive efficiencies, revenue and market competitiveness.
Founded just a year ago, Rover180 provides alternative trade payable and factoring programs that represent a “180 on traditional finance.” Utilizing FreightRover’s PayEngine technology, our program improves working capital and keeps cash moving for an evolving supply chain. Rover180 is trusted by customers from $1M to $1B+ in payables and backed by blue-chip investors.
“The power of artificial intelligence is still widely untapped and undervalued, but the possibilities are limitless. We are thrilled to join Rover180 to become a leader in machine learning within the finance and transportation sectors. From day one we can bring efficiencies to millions of dollars in payables to benefit businesses across the United States. Opportunities like this are why we created Vemity,” said Brandon Boynton, Vemity CEO.
The Vemity acquisition marks a strategic move for Rover180, which specializes in finance activities generated through supply chain payment technologies. Affiliate partner FreightRover LLC (www.freightrover.com) has signed on to offer Vemity’s AI platform to clients in its supply chain management technology suite.