Procure AI, a London-based startup creating “AI-native procurement and provide chain administration” know-how, has raised $13m (£9.8m) in seed funding.
Based in 2021, Procure AI was created with problems with B2B procurement complexity and constraints in thoughts, made all of the extra vital this 12 months amid more and more troublesome to foretell world tariff coverage.
The startup mentioned its tech can ship measurable value reductions and operational effectivity to companies by providing an AI-native procurement platform that integrates present fragmented knowledge, relatively than changing whole present methods.
The Procure AI platform deploys dozens of AI brokers throughout three classes: autonomous brokers that execute procurement duties independently, collaborative brokers that increase human selections, and ambient brokers offering proactive assist.
“We’re at an inflection level the place procurement can now not be a guide, people-intensive operate,” mentioned Konstantin von Büren, co-Founder and co-chief government at Procure AI.
“Our enterprise shoppers are telling us they should course of 3 times the amount of sourcing occasions with flat or declining headcount. The one manner ahead is thru AI brokers that may function autonomously while sustaining the rigour and compliance that procurement calls for.”
The funding spherical was led by Headline and included participation from C4 Ventures, Futury Capital and angels from the procurement business.
“Most procurement AI instruments resolve remoted issues. Procure AI solves the system,” mentioned Dominic Wilhelm, a associate at Headline.
“Their end-to-end platform addresses the fragmented knowledge and guide processes that plague procurement operations, delivering measurable ROI throughout your entire workflow. That’s why enterprises like EnBW and Kärcher have made them their AI platform for procurement.”
