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Levelpath Raises $55 Million to Scale AI-Native Enterprise Procurement Platform | PYMNTS.com
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Levelpath has raised over $55 million in a Series B funding spherical to scale its synthetic intelligence (AI)-native enterprise procurement platform that features AI brokers.
The firm will use the brand new funding to speed up its product improvement, develop its go-to-market staff and deepen its ecosystem partnerships, it mentioned in a Monday (June 30) press launch.
“We didn’t retrofit old systems with AI,” Levelpath Co-Founder and CEO Alex Yakubovich mentioned within the launch. “We reimagined what procurement could be when intelligence is built into every interaction.”
Levelpath’s AI brokers are embedded immediately into the platform, enriched with supplier-centric context and designed to join insights throughout processes, in accordance to the discharge.
The AI brokers can autonomously deal with sourcing occasion creation, provider onboarding, danger assessments and different procurement challenges, the discharge mentioned.
Neeraj Agrawal, basic accomplice at Battery Ventures, which led the funding spherical, mentioned within the launch that Levelpath “represents the future of enterprise procurement: intelligent, automated and strategically aligned with business objectives.”
“The team has built remarkable technology that delivers demonstrable value to some of the world’s largest companies,” Agrawal mentioned. “We are excited to partner with them as they scale to become the definitive procurement platform for global enterprises.”
Levelpath was based by Yakubovich and Stan Garber after they based Scout RFP, offered that firm to Workday in 2019 and then determined to launch an AI-powered platform to handle the challenges confronted by procurement professionals.
The firm mentioned in September 2023 that it had raised a complete of $44.5 million in seed and Series A funding rounds to launch the platform.
In March, Levelpath introduced an integration that introduced the procurement automation capabilities of its platform to Coupa’s AI-native Total Spend Management Platform.
The firm mentioned on the time that this mixture will help organizations streamline their operations and scale back their procurement cycle instances by up to 60%.
The PYMNTS Intelligence and Corcentric collaboration “Digital Payments: Modernizing Procurement Processes” discovered that 31% of shops and 42% of producers are already investing in upgrades to their procurement techniques, whereas one other 53% of shops and 44% of producers plan to make such an funding.
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