(Bloomberg) -- A Switzerland-based startup that says it uses artificial intelligence to help manage travel expenses is raising funds at $100 million valuation, according to people familiar with the matter.
Yokoy Group AG has raised about $26 million in a funding round led by Left Lane Capital, with participation from Balderton Capital, the Zurich-based firm said in an emailed statement.
The funds will be used to expand in Europe and the U.S., Chief Executive Officer Philippe Sahli said. He declined to comment on the valuation.
Backed by Switzerland's telecom incumbent Swisscom AG, Yokoy uses artificial intelligence to approve and pay invoices and travel expenses, while flagging those not in line with company policies.
Yokoy has around 300 corporate customers in Switzerland including metals trader Glencore Plc, Sahli said.
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