Loop Payments, raising $95 million... Using advanced AI technology to resolve supply chain invoice errors

Supply chain payment technology company Loop Payments successfully raised $95 million (approximately 14.05k Korean won) in Series C funding. Market funds flowed into the company, interpreted as confidence in its technology that uses AI to analyze complex shipping invoices and freight documents to detect cost discrepancies.

This round of investment was led by Baller Equity Partners and the Baller Aitrades AI Fund, with participation from institutional investors including JPMorgan Chase Growth Equity Partners. Loop Payments plans to use the funds to expand supply chain automation features and accelerate hiring.

AI model to reduce supply chain document errors

The problem Loop Payments aims to solve is relatively clear. When companies order goods from suppliers or book container freight space, invoices and shipping documents often contain numerous errors. If such mistakes are not corrected promptly, logistics costs can unnecessarily increase, and settlement processes can be prolonged.

To reduce this inefficiency, the company developed a suite of AI models called “DUX.” The system is designed not only to read plain text but also to interpret structural information such as field positions and seals on documents. This approach goes beyond simple character recognition, focusing on understanding the actual context of supply chain documents.

After scanning invoices and documents, the AI organizes the information into a standard format, links related data points to detect anomalies, and then an AI agent checks for cost inconsistencies. Loop Payments explains that using its platform can complete freight cost audits, which typically take weeks, within 2 hours.

From document analysis to tracking and automated payments

The analysis targets are not limited to invoices. The system can also understand “Bill of Lading” documents confirming cargo loading by shipping companies and rate tables containing various freight calculation benchmarks. In the supply chain field, these documents are scattered in different formats, and verification is considered a typical bottleneck.

Loop Payments leverages document analysis data to provide cargo location tracking. Supply chain teams can use this to identify potential bottlenecks that may cause delivery delays in advance. The company states that data obtained from the platform can also help client companies negotiate more favorable freight terms with transportation partners.

Automated payments are also a core feature. Global companies often work with dozens of carriers simultaneously, with different settlement currencies. Loop Payments explains that it can automate a large part of these invoice settlement processes and support early payments to secure transportation discounts.

AI as a tool for reducing enterprise operating costs

Baller CEO Antonio Grazias commented, “Loop Payments is transforming previously fragmented and hard-to-access data into ‘intelligent’ information, contributing to improvements in costs, processes, and working capital.”

This funding indicates that AI is rapidly expanding from simple document recognition to a practical tool for reducing enterprise operating costs. Especially in fields like supply chain management, where documents are numerous and error costs are high, automation demand may further grow. How Loop Payments will leverage this round of funding to develop diverse supply chain automation cases will be a focus moving forward.

TP AI note: This article was summarized using a language model based on TokenPost.ai. The main content may be omitted or inconsistent with facts.