Market Overview

Suplari Raises $10.3 Million in Series A Funding to Reinvent Procurement Using AI

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Shasta Ventures Leads Round to Drive Expansion of Cloud Software
Company's AI-Driven Insights Platform

Suplari, the AI-driven insights platform for procurement, today
announced that it has closed a $10.3 million Series A financing 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.

About Suplari

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.

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