CPO Rising’s Technology Round-Up Series returns today with fresh supply management technology news and updates covering a few recent major announcements. If you are a sourcing, procurement, or spend management solution provider and you are continually innovating the way that procurement and supply chain leaders and practitioners drive value, we’d love to hear from you. Please drop us a note at info at cporising dot com. Thanks, and enjoy!
SirionLabs Boosts Series D Funding to $110 Million
SEATTLE — SirionLabs, a global leader in artificial intelligence (AI)-powered contract lifecycle management (CLM), announced that its Series D funding has reached $110 million as a result of an investment by Brookfield Growth. The fresh capital will enable the company to expand its leadership position in the rapidly growing enterprise CLM market.
According to Ajay Agrawal, founder and CEO of Sirion, “Sirion’s superpower is that it goes beyond the operational efficiencies of traditional CLM to monitor and manage performance against the terms of the contract after the contract has been signed,” he said. “Bringing to life complex objects like obligations, service levels, and pricing mechanisms, and using this to realize hard-dollar savings, is a harder path but ultimately offers much broader business value for our customers.”
The company stated that the Brookfield Growth investment will support product innovation that will allow Sirion to reinforce its position at the forefront of CLM, including advances in AI capabilities and seamless integration with enterprise platforms such as SAP S/4HANA®, Salesforce, and Microsoft 365. Sirion is rapidly expanding its R&D to hubs across the globe to leverage talent in AI, user experience, data science, and design thinking.
Read the full announcement here.
Medius Spend Management Solutions Achieves SAP Integration
STOCKHOLM and JACKSONVILLE, Fla. — Medius Sverige AB, a leading provider of AP automation, announced that its Medius Spend Management solution has achieved SAP® certification for integration with RISE with SAP S/4HANA® Cloud.
The company states that the integration helps organizations enjoy an autonomous solution to capture and digitize invoices, and automate invoice coding and approval routing using artificial intelligence (AI) and machine learning, with mobile capability to review and approve invoices and payments on the go.
According to Daniel Ball, EVP of Product for Medius, “Businesses are seeking cost-effective solutions amid increasing economic pressures and rising inflation,” he said. “Medius’s ability to remain interoperating with SAP S/4HANA Cloud for the third-year running will prove highly beneficial to our current and future customers, giving them the opportunity to optimize working capital in these testing times.
“At Medius, we are continually looking for ways to use the power of our partner ecosystem to improve platform scalability and enable customers to grow across the spend management suite, and this integration is an integral part of this strategy,” Ball added.
Read the full announcement here.
Kloopify Raises $1.5 Million Seed Funding for Sustainable Procurement Platform
PITTSBURGH — Kloopify, a sustainable procurement platform, announced a $1.5 million seed funding round led by Black Tech Nation Ventures, a venture capital fund aimed at funding tech start-ups founded by black and diverse entrepreneurs. The capital will further the company’s mission of accelerating revenue growth for businesses making the transition to environmentally sustainable purchasing decisions. Also participating in the round are Innovation Works, Hypothesis, The Fund Midwest, The Unity Now Fund, and The Urban Redevelopment Authority.
The company states that the business case for sustainability is clear: Sustainable companies outperform their peers in all profit metrics by up to 6% and avoid significant supply chain disruption. Kloopify seeks to help businesses create a competitive advantage by becoming first-movers in the pursuit of decarbonization, capitalizing on the business value, and reducing regulatory risk while decreasing their climate impact.
According to Daniela Osio, Kloopify co-founder and CEO, “Businesses know there’s tangible value in reducing the carbon emissions created by their suppliers, but until now haven’t had the right data or tools to enable their teams to take action,” she said.
“We are closing that gap by providing a solution for procurement teams to make the transition to procuring environmentally sustainable goods and services. Empowering the people making the purchasing decisions is the only way to make meaningful progress toward reducing climate impact,” Osio adds.
Read the full announcement here.
Craft Raises $32 Million Series B Funding to Strengthen Global Supplier Networks
SAN FRANCISCO — Craft, an enterprise intelligence company, announced it has closed a $32 million Series B equity financing to further develop its leading supplier intelligence platform that empowers organizations to understand, monitor, and optimize their supplier network and enterprise ecosystem.
The financing was led by BAM Elevate, the venture capital arm of Balyasny Asset Management, with participation from Greycroft, Uncork Capital, High Alpha, ServiceNow Ventures, and Point Field Partners. Other financing was contributed by Frederic Kerrest, executive vice chairman and co-founder, Okta; Stacey Epstein, CMO of Freshworks; and Edith Harbaugh, co-founder and CEO of LaunchDarkly.
The company stated that in the past year, it has:
- Deepened its integration of multi-dimensional supplier data.
- Developed advanced analytic capabilities in Craft Risk Hub, Craft N-Tier Mapping, and Craft Alerts.
- Further developed its cloud-based suite of collaboration and case management workflows.
- Increased focus on Cybersecurity, ESG, legal compliance, and geopolitics, further highlighting the need for comprehensive and reliable intelligence on all tiers of the enterprise supply network.
According to Ilya Levtov, founder and CEO of Craft, “Global enterprises using new data sources, models, and methodologies to increase resilience and productivity is a mega-trend that continues to accelerate,” he said. “In today’s volatile and unpredictable macro-economic environment, the need for advanced visibility and proactive risk management across a wide range of dimensions has never been greater.
“The supply chain suite at large enterprises continue to undergo its largest wave of transformation since ERP, and the Craft team is proud to empower supply chain, procurement, and risk managers every day with data, analytics, and software to support their decisions and workflows,” Levtov added.
Read the full announcement here.
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