SEATTLE, WA, Suplari, the AI-driven insights platform for procurement, today announced that it has closed a $10.3 million Series A financing.
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The round 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's cloud-based AI platform enables procurement and finance teams to find hidden cost savings and unidentified supplier risk by analyzing millions of enterprise data points and interactions across disparate enterprise systems including contracts, purchasing, product usage, accounts payable, travel and expense, and corporate card accounts. Suplari empowers enterprises 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."
Suplari is already helping large Fortune 1000 enterprises unlock insights and millions of dollars in cost savings from their supplier data. For example, Suplari has helped customers consolidate $200 million in professional services and temporary labor suppliers, reduced software licensing fees by 33%, unlocked millions through real-time contract negotiations, and reduced the time required to produce monthly reporting by 95%.
"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." As part of the financing, Mohan will join the Suplari board.
Suplari, which is easy to deploy, analyzes data that has been locked in different silos for years. With Suplari customers can benefit from:
Real-time, unified supplier data: Broader than just spend analytics, Suplari integrates, normalizes, and categorizes siloed data sources from your enterprise systems including contracts, invoices, purchase orders, accounts payable, travel and expense, corporate card, and consumption into a comprehensive supplier data model. Suplari can integrate into a company's enterprise software systems and pull data in real time to enable rapid time to value.
Powerful out-of-the-box analytics and workflows: Simplified analytics, workflows, reporting and scorecards that are easy to use, easy to share, and alerts-driven. Everyone in the organization can have the same view of each supplier's spend, contracts, risk, usage and value to the enterprise.
AI-powered insights: Through artificial intelligence, Suplari delivers actionable cost savings, reduces risk and provides compliance insights for investigation and resolution, and also keeps a record of value delivered.
No IT, professional services or rip-and-replace. Suplari delivers value quickly by sitting on top of and integrating with existing enterprise systems, reducing the need to queue for an IT project, lengthy consulting engagements, or changing processes or tools. Suplari can be deployed in less than 4 weeks - with an expected return on investment in months.
Security and compliance: Enterprise-grade security and redundancy to ensure the integrity and availability of enterprise supplier data.
Team of experts: Dedicated team of data scientists specializing in supplier data unification and procurement insights.
Suplari provides an AI-driven insights platform that enables enterprises to achieve what's not humanly possible. Suplari connects and unifies disparate supplier data sources and systems and then continuously analyzes millions of supplier and sourcing transactions to generate real-time AI-driven insights on reducing spend, mitigating risk and increasing compliance. Suplari's products are on the cutting edge of AI in procurement and cloud computing.