Indianapolis-based supply chain finance and factoring company Rover180 has acquired a startup founded by two IUPUI students. The company says the technology created by Vemity will cut costs associated with invoicing and accelerated payments for the transportation industry.
Vemity specializes in artificial intelligence automation and machine learning. Rover180 says integrating Vemity’s technology will reduce time and effort associated with processes such as 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," Eric Meek, board member for Rover180, said in a news release. "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."
One of Rover180’s affiliate partners, Indianapolis-based FreightRover LLC, has signed on to offer Vemity’s AI platform to clients through its supply chain management technology suite. Vemity Chief Executive Officer Brandon Boynton says, "Opportunities like this are why we created Vemity."
Vemity was founded by Boynton and fellow IUPUI student and Chief Technology Officer Zachary Balda. The company launched its platform a year ago.