AI-driven procurement platform, Suplari, attracts $10.3mn in funding
The Series A financing was led by S...
An AI-driven insights platform for procurement, known as Suplari, has attracted some $10.3mn in a round of funding.
The Series A financing was led by Shasta Ventures with participation from new investors including Two Sigma Ventures and Workday Ventures as well as existing investors Madrona Venture Group and Amplify Partners.
Suplari says its cloud-based AI platform enables procurement and finance teams to find hidden cost savings and unidentified supplier risk by analysing millions of enterprise data points and interactions across disparate enterprise systems.
These including contracts, purchasing, product usage, accounts payable, travel and expense, and corporate card accounts, which it says helps to reduce costs, reduce fraud and risk, and increase compliance with policy and government regulation.
“Businesses are facing significant uncertainty and volatility, unprecedented business model disruption, international competition, and increased government regulation. Simultaneously, enterprises are sitting on mountains of data that can help them run more profitably and efficiently than ever before,” said Nikesh Parekh, CEO and co-founder of Suplari.
“Suplari uses advanced artificial intelligence (AI) on top of existing enterprise systems to proactively uncover the highest-value opportunities and empower CFOs or chief procurement officers to unlock savings and increase profit, which can then be invested in growth, innovation, and their people.”
The company says it is already helping large Fortune 1000 enterprises unlock insights and millions of dollars in cost savings from their supplier data.
“As SaaS and the adoption of new data source becomes prevalent in the enterprise, it is increasingly difficult to connect and unify all the different systems and data sources,” said Ravi Mohan, Managing Director of Shasta Ventures.
“Suplari gives CFOs and procurement teams a real-time transaction level data platform view based on machine learning and AI – a common data model for contracts, invoices, POs, expenses and usage data – so they can more easily reduce spend and manage risk.”
Supply Chain Leader TransImpact Refreshes Identity
Supply chain and logistics leader Transportation Impact today unveils a new corporate identity to reflect its expansion beyond shipping and evolution into an end-to-end supply chain technology solutions provider.
The organisation will be known as TransImpact, today unveiling the new name, a refreshed logo and branding, and an updated website at www.transimpact.com. The new tagline ‘Driving Value. Creating Next’ highlights its new motivation and strategy to evolve its business and ‘create a foundation for new opportunities’.
The Evolution of TransImpact
Branding research revealed to TransImpact that the company has built a strong, industry-wide reputation for agility and innovation over the past 12-plus years, during which it has primarily been known as a pioneer in the parcel negotiation industry. Investment into its new visual and corporate identity reflects that shift, says Berkley Stafford, CEO, TransImpact.
“The name TransImpact is a natural evolution from our original name, Transportation Impact,” Stafford said. “As we evolved to support clients beyond shipping, this new name better reflects our new future as a technology company delivering solutions across the entire supply chain continuum.”
Today’s rebrand is the latest step in TransImpact’s evolution. The company acquired supply chain business intelligence platform Vizion360 in January 2021, and now provides a suites of Software as a Service (Saa) technologies, consultancy, and managed services across its Parcel Solutions, Business Performance Solutions, and Managed Logistics Solutions divisions.
Who Are TransImpact?
- Founded: 2008
- Employees: 150
- Customers: 1000+
- Headquarters: Emerald Isle, North Carolina
- CEO: Berkley Stafford
TransImpact is an industry leader in the development and application of end-to-end technology-based solutions that optimise supply chain operations. It serves more than 1,000 customers, including global organisations such as jeweller Pandora, fashion and footwear brand Toms, and sports equipment company Ping. TransImpact manages over $1bn in logistics spend, and clients that leverage its parcel solutions save an average of 19.7%.
TransImpact is led by chief executive Berkley Stafford, a former UPS man and, more recently, Head of Healthcare Sales, the Americas, for Envirotainer. Stafford has been instrumental in TransImpact’s vision to move beyond shipping, and is a strong advocate for IMPACT1, the company’s philanthropic initiative through which more than $1m has been donated to charitable causes. He holds a BSc in Business Administration from The University of North Carolina at Wilmington.