Blue dot, formerly known as VATBox, makers of an artificial intelligence (AI)-driven, cloud-based tax compliance platform, has closed a $32 million funding round led by Ibex Investors in partnership with Lutetia Technology Partners, the company announced Wednesday.
Follow Israel Hayom on Facebook and Twitter
The massive increase in employee-generated corporate receipts, coupled with the increasing volume of tax audits, is requiring companies to deploy advanced technology to ensure compliance and streamline processes across multiple jurisdictions. Blue dot's technology digitizes an expensive, complex and risky process, removing the burden from finance teams.
"Since our founding, we've enjoyed tremendous recognition and a high rate of adoption for our platform as part of a larger global tax compliance digitalization trend," said Blue dot CEO Isaac Saft.
"SAP Concur chose Blue dot as its exclusive integrated Tax Assurance solution to be deployed for their client portfolio, after conducting an extremely thorough diligence process on our Platform and AI. We've secured funding from top US investors to drive the next phase of our growth strategy. It's an exciting time at Blue dot, and we're incredibly grateful to our customers, partners and investors," Saft added.
Previous investors Lamaison Partners, Viola and Target Global also participated in this round.
