Ex-Icertis execs raise $7.5M for Rivvun, a startup recovering lost business capital – GeekWire
Two former executives of software giant Icertis have teamed up to launch a new Seattle-based multibillion-dollar business headache.
Rivvun AI, today announcing an oversubscribed seed funding round of $7.55 million from Sitara Capital and 3one4 Capital, is led by CEO Anand Veerkar and Chief Product Officer Niranjan Umarane.
Both spent the past decade as executives at Icertis, helping grow the contract intelligence platform to more than $350 million in annual recurring revenue. They were joined at Rivvun by founder and serial entrepreneur Patrick Linton.
Rivvun faces what the founders describe as a “killing gap,” a costly point of conflict between what a company negotiates contractually and what goes against its books.
“Business has spent a decade being told that AI will revolutionize the way it works,” Veerkar said. “What it needed was AI that created a direct, measurable impact on the P&L – not production narratives, not dashboards. Rivvun bridges the gap between what was agreed and what was collected, returning money to the bottom line.”
Rather than building a chatbot, a pilot or another analytics dashboard, Rivvun has built what it calls an “independent value creation layer.”
Rivvun’s agents sit on top of a company’s internal ERP, CRM and procurement systems – such as SAP, Ariba and Salesforce – to catch commercial discrepancies and write corrective actions back into those systems.
It calls these AI agents “managers” (revenue-focused to manage invoices, suppliers, and leaks) and “waiters” (revenue-focused to track renewals and customer behavior).
It also developed what it calls a “margin bridge”: a financial module that compares what you sell against what you spend to protect profit margins.
According to the company, these agents constantly monitor transactional events across corporate systems, use controlled playbooks and write corrective actions directly back into the systems while maintaining an audit trail.
In order to address specific industries, Rivvun has developed a specific mind-set targeting sectors such as pharmaceuticals, healthcare, banking and retail.
For example, the company said that a large manufacturing company with a $3 billion budget could find leaks in all its disconnected systems, creating an invisible problem that financial dashboards and consultants might miss. In that case, Rivvun’s agents can work seamlessly across all data sources, returning an estimated $110 million to $138 million annually.
The company targets Chief Financial Officers, Chief Revenue Officers and other C-level executives who oversee large budgets, noting that there is no “ripping and replacing” as agents are directly connected to existing software systems.
Citing a McKinsey study, Rivvun said that companies have lost an estimated 3 to 4 percent of their total revenue due to inefficiencies and non-compliance. That’s about $2 billion compared to Fortune 2000 companies, which Rivvun says is money that “disappears between what’s done contractually and what business plans are built to collect it.”
In a statement, Anurag Ramdasan of 3one4 Capital said that Rivvun is one of the strongest teams they have ever met.
“They’re not putting in a horizontal AI solution and hoping that businesses will extract value from it,” Ramdasan said. “They deliver ROI on enterprise AI from day one, which is critical to enterprise AI adoption.”
Similar to how Icertis has grown over the past decade, Rivvun takes a two-pronged approach to its operations. Headquartered in Seattle, it has engineering operations in Pune, India. It employs 15 people, with plans to double this year.
The company plans to use the new seed money to fund engineering, pilots and expand its global sales operations.
