The $2 million seed round for the legal technology platform Oddr was headed by Saama Capital and Twin Ventures. Angels from the US, Singapore, and Germany also took part in the round. The company, which has offices in Silicon Valley and India, is getting ready to introduce its services to customers in North America, the UK, and Australia. An R&D facility will be established in India.
The funds raised will be utilised to create the professional services industry’s main product, an AI-powered invoice to cash platform (Law firms, Accounting firms, Consulting firms & Financial services firms), as per reported by IndianWeb2.
Milan Bobde, Co-founder CEO, Oddr, says, “We are aiming to solve a big problem for the professional services sector globally. Invoice to Cash process in professional services firms today is manual, fragmented, and cumbersome resulting in high Days Sales Outstanding (DSO), high write-offs and painfully high operating overheads. This space is ripe for disruption through innovation. Oddr is the first industry cloud platform that unifies Billing, Collections and Payments in a single platform. Oddr helps firms streamline invoice to cash processes through AI, automation and data driven approach.
”Our aim is to touch an ARR of $1 million in the next 18 – 24 months as we enter international markets, he adds.
Oddr is founded in 2022 by senior tech industry leaders Milan Bobde, Sumit Garg and Saurabh Mehra, Oddr is a vibrant Silicon Valley startup looking to disrupt the archaic Invoice to Cash processes for the Professional Services industry.
Oddr has announced senior important hire Eric Newman as Chief Architect and is currently expanding its workforce in India. Oddr wants to automate the payment process, which is largely manual at the moment and causes professional services organisations to incur high overhead expenses for collections as well as invoice delays, increased write-offs, and payment delays.
Oddr aims to ease Law Firms’ “Invoice to Cash” operations. Oddr focuses on three variables that affect a company’s cash flow. First, they see potential to increase billing process efficiency, traceability, collaboration, and visibility for all invoices. Second, the collection process needs improvements in tracking, payment timing, discounting, and cash flow projection. Third, integration with top payment platforms to automate and improve cash reconciliation. Oddr is a modern, robust, AI-driven platform that aims to reduce DSO (Days Sales Outstanding), increase collection realisation, and streamline the entire process.