Arkestro, a San Francisco, CA-based Predictive Procurement Orchestration platform, raised $26m in Series A funding.
The round was led by NEA, Construct, Koch Disruptive Technologies (KDT) and Four More Capital, a division of Henry Crown & Company, with participation from existing seed vendors Cervin, Correlation, El Cap, Forum, Illuminate and Tenacity.
The company intends to use the funds to accelerate growth, to further allow customers to amplify the impact of procurement’s influence across their enterprises using behavioral science, game theory and predictive machine learning models applied at a massive scale.
Led by Edmund Zagorin, CEO, Arkestro provides a Predictive Procurement Orchestration platform used by brands including Bel Brands, Box and Holman Enterprises, to boost both savings and supply chain performance – including quality, lead time and on time in full (OTIF) metrics. It offers machine learning-powered predictive pricing, which enables buying teams to negotiate with and manage more suppliers. The company also provides external validation and improved data quality for every single purchase order, and unifies data for real-time visibility across suppliers, spend and contract terms, including diversity, environmental, social and governance (ESG) analysis.