Fazeshift Secures $17M in Series A Funding
Fazeshift, a startup that uses AI agents to automate accounts receivable, raised $17 million in a Series A round, as it told Crunchbase News exclusively. The financing was led by F-Prime Capital and included participation from Gradient Ventures, Y Combinator, Wayfinder Ventures, Pioneer Fund, Ritual Capital, and several angel investors, bringing the company’s total funding to $22 million since its founding in 2023.
Company Origins and Founders
The San Francisco-based company was founded by Caitlin Leksana, a former BCG consultant and mechanical engineer, and Timmy Galvin, an MIT-trained nuclear submarine officer. The two met at Harvard Business School and identified the accounts receivable problem while operating their previous startup, Carma, where they manually tracked payments using spreadsheets. They noted that accounts receivable involves over a million clerks in the U.S. who manage fragmented systems like NetSuite, Salesforce, bank portals, and email threads.
Product and Automation Approach
Fazeshift automates more than 90% of manual accounts receivable tasks, such as invoicing, collections, payment matching, and reconciliation, by integrating with existing systems as an “intelligent control layer.” According to Leksana, accounts receivable differs from accounts payable as it involves unique customer requirements, like specific portals for invoices in industries such as wholesale, construction, staffing, and HVAC. The startup’s customers include Sigma Computing, Snyk, Meter, and Clipboard Health, with revenue growing 12x in a year since launching in the Summer 2024 Y Combinator cohort, attracting dozens of enterprise clients including eight unicorns and one public company.
Market Context and Future Vision
Leksana stated that Fazeshift aims to expand beyond accounts receivable to become an operating system for the entire finance organization, enabling autonomous finance operations. Rocio Wu, a partner at F-Prime Capital, highlighted that many companies, including Fortune 500 firms, still rely on spreadsheets and email for accounts receivable, representing a significant opportunity. According to Crunchbase News, fintech startups using AI for manual processes have seen increased investment, with global funding to VC-backed financial technology startups totaling $53.8 billion in 2025, a 29% rise from $41.6 billion in 2024.
Funding Details and Implications
The round’s structure underscores investor interest in AI applications for finance, as evidenced by the involvement of prominent backers like Gradient Ventures, Google’s early-stage AI fund. Fazeshift positions itself against competitors by focusing on complex workflows rather than basic task automation, according to the company’s description.
