Supplier.ai, a Washington, DC-based artificial intelligence company focused on increasing the efficiency and effectiveness of procurement processes, raised a several million dollar funding.
Foundry.ai – which recently announced the closing of an additional $68m fund – made the investment.
The company intends to use the funds for operations and business expansion.
Led by newly appointed CEO Joe Jordan, Supplier.ai is provices innovative procurement artificial intelligence solutions to industry and government clients. The company’s solutions help clients identify, score, and evaluate potential and existing suppliers for any company around the globe.
Jordan most recently was President and CEO of the online e-commerce marketplace, FedBid, Inc., which was acquired by Compusearch Software Systems in 2017. Prior to FedBid, he worked in the White House as the Administrator for the Office of Federal Procurement Policy (OFPP) and Associate Administrator for Government Contracting at the U.S. Small Business Administration. Jordan also was an Engagement Manager at the management consulting firm McKinsey & Company, where he worked on corporate strategy and supply chain efficiency projects for Fortune 500 corporations.