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Tuesday 22 July 2025

London-HQ’d agentic startup gets a $160m boost

LogoXelix, a Tech City-based AI-powered accounts payable platform startup, has secured $160m in Series B funding through a round led by global software investor Insight Partners. The other investors are Passion Capital and LocalGlobe, which also participated in the $5m Series A raise led by FINTOP Capital just three years ago. The latest capital injection will be used to both accelerate product development and support business expansion.

The company was founded in 2018 by university friends Paul Roiter and Phil Watts with the aim of making core accounts payable audit and control processes smarter, more automated, and genuinely intelligent. Xelix positions its enterprise SaaS platform as "world's first Accounts Payable Control Centre" which integrates with, rather than replaces, existing ERP systems.

The Xelix offering comprises three solutions - Transactions, Statements and Helpdesk – and uses Agentic AI capabilities to handle complex, multi-step decision-making processes. The platform is now auditing over 115 million invoices and more than $750 billion in spend annually across 130+ global customers. The latter include organisations such as Astra Zeneca, BAT, GSK and Virgin Atlantic. The company’s headcount increased by around a quarter last year to some120 personnel across its operations in East London and the US. Today, Xelix generates annual revenues of c.$15m.

As the momentum behind agentic-fuelled Service as Software wave builds rapidly, Xelix is far from alone in identify the accounts payable domain as an area ripe for intelligent automation. Last month, for example, Genpact launched its AP Suite. This comprises a set of AI-products built around pre-trained, self-learning agents (see here). The startup has, however, been making impressive progress in recent times. Now armed with an extra $160m in the bank, Xelix is certainly one to watch over the coming years.

Posted by: Duncan Aitchison at 09:40

Tags: funding   startup   software   accounting   AgenticAI  

 
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