Procure Ai has secured $13 million in a seed round to expand its engineering organization, strengthen its go-to-market teams and enter more European countries.
Currently focused on Germany, Austria and Switzerland, the company aims to expand to the United Kingdom, the Nordic countries, the Benelux countries and France, it said in a Wednesday (Nov. 26) post on LinkedIn and in a blog post.
Procure Ai offers artificial intelligence-native procurement automation solutions that cover “all processes and use cases where AI can make a real difference,” according to the blog post.
Rather than replacing customers’ existing systems, Procure Ai’s platform integrates and enriches fragmented procurement data and enables automation across sourcing, contracting, purchasing and invoice management, the post said.
“Our platform sits on top of fragmented data landscapes and makes them intelligible — enriching what’s there rather than replacing it,” Procure Ai Cofounder and Co-CEO Yves Bauer said in the post. “That’s why we can deliver ROI in months, not years, and why our clients see us as a true partner rather than another vendor.”
The platform deploys more than 50 AI agents, including autonomous, collaborative and ambient agents, per the post.
One of its core solutions is Autonomous Spot-Buy and Tactical Sourcing, which delivers time reduction of 35% to 46% and savings of 3.7% to 5.2% per event, according to the post. Another is Quote-to-Order Intake, which enables 60% of requests to run autonomously.
“Our enterprise clients are telling us they need to process 3x the volume of sourcing events with flat or declining headcount,” Procure Ai Co-founder and Co-CEO Konstantin von Büren said in the post.
Dominic Wilhelm, partner at Headline, which led the seed round, said in the release that Procure Ai’s platform solves the procurement system rather than just isolated problems.
“Their end-to-end platform addresses the fragmented data and manual processes that plague procurement operations, delivering measurable ROI across the entire workflow,” Wilhelm said.
PYMNTS reported in October that consulting firm BCG found that procurement functions using generative AI can reduce costs by 15% to 40%, depending on category, and automate up to 30% of routine work.
In another recent development in this space, Magentic said in July that it raised $5.5 million in a funding round to accelerate the growth of its AI agent platform that finds opportunities for savings in global manufacturing supply chains.
In June, Levelpath said it raised over $55 million in a Series B funding round to scale its AI-native enterprise procurement platform that includes AI agents.
Source: https://www.pymnts.com/