Rover180 Invests in Artificial Intelligence Through Vemity Acquisition
Venture creates AI optimization for supply chain payment processing to improve speed and accuracy
Jan 31, 2019, 15:36 ET
INDIANAPOLIS, Jan. 31, 2019 /PRNewswire/ -- Rover180 announced its acquisition of Vemity, an Indiana-based company specializing in artificial intelligence automation and machine learning.
Rover180, a supply chain finance and factoring company, will leverage Vemity's technology to cut costs associated with invoicing and accelerated payments for the $740 billion annual transportation industry. 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."
Vemity launched in 2016 to bring the application of artificial intelligence to the masses, a stark contrast to other existing platforms designed for users with advanced machine learning skills. Vemity allows 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 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.
About Rover180
Rover180 provides alternative supply chain finance and factoring programs that represent a "180 on traditional finance." Headquartered in Indianapolis, Indiana, Rover180 leverages private capital and advanced technology to create flexible funding models that keep cash moving across today's evolving supply chain. Learn more at www.rover180.com
About Vemity
Vemity makes artificial intelligence easy. Founded in 2016, Vemity brings accessibility and affordability to machine learning. The company's platform allows developers to easily integrate AI and deep learning into projects without computer science or neural network theory knowledge. The technology helps businesses use existing developers to build AI, rather than expensive data scientists. The results drive efficiencies, revenue and market competitiveness. Learn more at www.vemity.com
SOURCE Rover180