Conflict tracking fintech Glimpse announced Wednesday that it has raised $35 million in Series A led by Andreessen Horowitz with participation from 8VC and Y Combinator.
Founders Akash Raju, Anuj Mehta, and Kushal Negi attended Purdue together and originally started a startup that did product placement for Airbnb. The company was founded in 2020, but by 2024, the founders pivoted to a completely new idea: Glimpse, a platform that helps retailers automate their financial deduction processes.
Last year, the company raised $10 million in funding led by 8VC after its business transformation, which at the time was called a Series A round. The company is now calling this new $35 million Series A round, rebranding the previous Series A as a seed round. The company has raised $52 million to date, including pre-pivot funding.
“Ultimately, we felt there was a lack of product-market fit and decided to hard pivot,” Raju said of the initial failed idea. “This process exposed us to the back-office and retail disruption of brands, ultimately leading us to start Glimpse today.”
They met their lead investor, a16z, through a mutual founder friend. “We have developed a strong relationship as we scale our business, and we are really excited to partner with them in our next phase of growth,” he continued.
A deduction is an amount that a retailer subtracts from its debt to a brand when it settles an invoice. This is common and usually works like this: Brands bill retailers and retailers pay brands. If the amount paid is less than the invoiced amount, we will indicate the reason, such as the product being damaged.
Some deductions are for valid reasons, while others are not. These are called invalid deductions and are cumbersome to track and manage on the backend. “These mistakes are surprisingly common,” said Raju, the company's CEO, adding, “Brands can ship inventory correctly and still be charged for short shipments.”
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“Teams log into multiple retailer systems, retrieve distributed documents, verify items, match internal records, and manage disputes end-to-end. This challenge is posed by fragmented, unstructured data and siled workflows across systems and teams,” he said of how the process typically works.
If brands don't reconcile all invalid deductions, it could lead to “continued revenue leakage,” he said.
Glimpse says it can help with this process by checking deductions, flagging invalid ones, and filing disputes, helping businesses recover money they missed or lost. Raju explained that the platform's AI agent logs into the retailer's portal, finds and centralizes all the necessary documents, and categorizes each deduction. From there, the AI agent validates each change against internal data (such as supply chain records and promotional calendars) to determine which deductions are legitimate and which are not.
The company said it works with more than 200 retail brands, including Suave and its lip balm brand, Chapstick.
“Once an issue is identified, Glimpse automatically disputes it, runs the process, applies the recovered cash, and syncs everything back into the brand’s ERP,” Raju said, adding that the product integrates across multiple systems. It integrates with leading enterprise resource planning financial software, as well as promotional calendars and retail portals. It is said that the long process can be shortened to just a few days.
Despite Glimpse's automation, Raju said his company still has humans involved, “mainly around ensuring outcomes,” including “following up on disputes to facilitate resolution and cash recovery, and quality assurance on critical steps such as classification and data extraction.”
The system gets smarter with each deduction processed, continually improving its classification, validation, and resolution. “Over time, this creates compounding data benefits, making systems smarter and more effective across the network with each new integration and customer addition,” he said.
Other companies, including Revya and Confido, also use software to tackle invalid deductions.
“Our vision is to become the AI infrastructure for consumer goods and retail brands, and this capital will help us continue to execute towards that vision,” he said.