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!
Beroe Continues Investment in Beroe LiVE.Ai Platform
RALEIGH, N.C. — Beroe Inc., a global SaaS-based procurement intelligence and analytics provider, announced its plan to strengthen the intelligence offering by expanding the category coverage on the Beroe LiVE.Ai platform.
Tailored for procurement and sourcing professionals, Beroe LiVE.Ai is an AI-powered platform that provides market intelligence, supplier risk information, category benchmarking, cost models, price forecasting, and supplier discovery. The company plans to expand the coverage on the platform by increasing the number of categories to 2,000 by the end of the year.
The company stated that Beroe integrated ChatGPT with Beroe LiVE.Ai platform assistant, Abi, earlier this year to enable procurement to get more advanced analysis and tailored recommendations. With so much volatility in today’s world, procurement needs to be on top of what is impacting their business and be better positioned to deliver on key business priorities. Beroe continues to partner with procurement teams globally to help them get the right data, insights, and intelligence to make smarter sourcing decisions.
According to Vel Dhinagaravel. CEO for Beroe Inc., “We continue to invest in strengthening the Beroe LiVE.Ai platform by adding features and onboarding new partners to our ecosystem,” he said. “These initiatives are a key step towards our commitment to enabling every sourcing decision.”
Read the full announcement here.
Agiloft Achieves ISO/IEC 27001:2013 (E) Certification
REDWOOD CITY, Calif. — Agiloft, a contract lifecycle management and business process management software provider, announced it has received ISO 27001:2013 certification for the security and access controls that protect its award winning, no-code contract lifecycle management (CLM) platform and users. The certification confirms that Agiloft’s security management protocols and access controls continue to follow industry best practices and meet today’s highest international security standards, further recognizing Agiloft’s enterprise-class CLM security and 100% commitment to protecting customer data at all levels.
The company states that ISO 27001:2013 is the global information security standard published by the International Organization for Standardization (ISO), the world’s largest developer of voluntary international standards, and the International Electrotechnical Commission (IEC). Agiloft’s certification was issued by A-LIGN, an independent and accredited certification body, on successful completion of a formal audit process, which ensured that the security of all the data and information held within Agiloft’s CLM is properly maintained and access to that data is controlled in all areas of a user’s organization.
According to Noe Ramos, vice president of operations, center of excellence, and IT & security for Agiloft, “Government agencies and major corporations around the world depend on Agiloft to keep their data safe. Compliance with the internationally recognized ISO/IEC 27001:2013 (E) standard reaffirms our commitment to ensuring our customers’ data is fully protected and secure,” he said.
“Our team works tirelessly to make sure that never changes, and we continue to ensure that every part of Agiloft’s platform, infrastructure, and wider organization implements the security practices necessary to provide enterprise-class security to our customers,” Ramos added.
Read the full announcement here.
Invoiced Launches AP Automation Software
AUSTIN, Texas — Invoiced, one of the world’s fastest-growing B2B invoicing networks, announced the launch of its Accounts Payable Automation software, with the addition of A/P automation supporting approval workflows, payments, team collaboration, and more.
The company stated that its A/P solution automates all aspects of payments, reporting, and approvals, making it easier for businesses to make payments on time. Users can also reduce fraud and enhance payment security, compliance, and controls.
Some of the key features include:
- A verified, secure network. Invite your vendors to join a secure network and start sending and receiving invoices in minutes. Invoiced’s vendor verification process reduces fraud and vendor impersonation.
- Streamlined invoice management. Set up automated approval workflows for your team. Reduce the risk of duplicate payments, errors, and fraud by ensuring the right invoices are paid at the right time.
- Fast, easy payments built right in. Invoiced supports direct debit (including ACH, SEPA, Bacs, and more), credit cards, virtual cards, and more.
- Painless accounting system integration. Sync invoices, payments, and vendor data directly into your accounting platform – with zero manual work. Gain insight into invoices through the entire process. Simply connect Invoiced with your accounting platform to enable automatic updates and synching.
According to Jared King, CEO of Invoiced, “Invoiced has been a leader in the A/R automation space for some time. As such, I am thrilled to announce that we have expanded our solution from accounts receivables to accounts payables,” he said.
“No matter how well you structure it, the conventional A/P process includes many tedious steps that must be done manually. By building an intuitive and comprehensive tool that solves invoicing and payment challenges, we’re giving businesses the tools they need to send invoices and make and receive payments within minutes,” King added.
Read the full announcement here.
Rillion Announces Partnership with Finexio
CHICAGO — Rillion, an AP automation expert to thousands of customers in 50 countries worldwide, and Finexio, a fast-growing digital accounts payable payments as a service company, announced a partnership to bring fully managed AP payments operations solutions to Rillion customers, enabling them to eliminate fraud-prone paper checks, manual payment processes, and supplier exceptions.
Rillion stated that Finexio B2B payment technology is now part of Rillion’s AP Automation offering, helping the U.S. companies that Rillion serves reduce AP costs and inefficiencies. Rillion Pay provides a streamlined AP payment experience, delivering greater ROI by lowering payment costs. This embedded AP payment service manages delivery and payment operations for a wide variety of payment types, including virtual card, ACH, wire, and paper checks.
According to Matt Lechowicz, head of sales for Rillion Pay, “The solution removes the burden of exception handling, disputes, and manual supplier communication,” he said. “And automated, proactive checks and balances ensure your payments are settled.”
Read the full announcement here.
CADDi Raises $89 Million in Series C Funding
CHICAGO — CADDi Inc., a global procurement solutions provider for the manufacturing industry, announced that it has secured a $89 million Series C funding round, raising its total capital to $164 million.
The company stated that the round was co-led by existing investors including Globis Capital Partners, DCM Ventures, Global Brain, World Innovation Lab (WiL), JAFCO Group, and Minerva Growth Partners with participation from four new investment partners.
CADDi Inc., established in November 2017, aims to revolutionize the manufacturing sector by providing two innovative solutions: CADDi Manufacturing, a parts procurement platform, and CADDi Drawer, a cloud service for managing drawing data.
The new investment will be primarily deployed to bolster the “CADDi Manufacturing” division, enhance technological capabilities of “CADDi Drawer,” and expand the global workforce to achieve its goals of generating $10 billion in revenue by 2030.
Read the full announcement here.
