AI-driven procurement platform, Suplari, attracts $10.3mn in funding
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.”
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