Suplari, a Seattle, WA-based AI-driven insights platform for procurement, closed a $10.3m Series A financing.
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. In conjunction with the funding, Ravi Mohan, Managing Director of Shasta Ventures, will join the Suplari board.
The company will use the funds to continue to expand operations and the grow its business reach.
Led by Nikesh Parekh, CEO and co-founder, Suplari provides a cloud-based AI platform that 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.
The company is already serving large Fortune 1000 enterprises.