Xeeva wins $40mn investment, will push AI as "future of procurement"

The procurement and sourcing software firm Xeeva has announced an investment of more than $40mn led by PeakEquity Partners that it says will promote AI as “the future of procurement”.

Xeeva says that it helps provide sustainable results and massive savings to its customers through its procurement and sourcing software, using artificial intelligence that powers its full suite software.

It assists its users by cleansing and categorising spend data, automating buying tasks, picking the best supplier, and identifying opportunities to save.

Reacting to the investment Xeeva said it was excited to partner with a firm equally as passionate about changing the future of procurement and would use funds to accelerate its growth.

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“This investment is both a testament to our team members and all the hard work it’s taken to get the company to where it is today, as well as a confirmation of our bright future ahead,” said Dilip Dubey, CEO and Founder of Xeeva.  

“This is an amazing milestone for us. I truly look forward to everything the next chapter has to offer.”

Paul Winn, Co-Founder and Partner of PeakEquity Partners, said: “Xeeva has developed a differentiated solution that delivers hard ROI to its customers through quick spend visibility and real savings to the bottom line,”

“This investment will enable the company to accelerate their growth in the attractive e-procurement market.”