Vancouver-based startup Procurify has closed a successful $50 million Series C funding round led by Ten Coves Capital and supported by Export Development Canada. This investment will enable Procurify to further develop its platform, which offers AI-powered tools for procurement, providing organizations with increased spend visibility and control.
Key Takeaway
Procurify, a Vancouver-based startup, has raised $50 million in Series C funding to enhance its AI-powered procurement tools. The company aims to address the challenges faced by organizations in managing procurement spend, providing real-time visibility, and improving financial oversight. With its consolidated platform and AI algorithms, Procurify offers organizations the means to optimize processes, manage risks, and achieve cost efficiencies.
The Story Behind Procurify
Procurify was founded in 2013 by Aman Mann, Eugene Dong, and Kenneth Loi, who identified a gap in the market for affordable, user-friendly procurement software. Recognizing the challenges faced by organizations across various industries, such as lack of real-time spend visibility and control, the founders set out to streamline and simplify the procurement process.
Since its inception, Procurify has steadily grown its customer base, attracting over 700 companies. Its success lies in its ability to consolidate different procurement steps into one platform, offering modules for purchasing, accounts payable, and data analytics. This consolidation allows customers to manage procurement spend more effectively, make informed decisions, and identify bottlenecks in their workflows.
The Power of AI in Procurement
Procurify leverages the power of artificial intelligence (AI) to enhance its procurement tools. The platform uses AI algorithms to detect anomalies in purchase orders and invoices, flagging them for review. This feature not only improves compliance and reduces errors but also provides organizations with greater financial oversight.
With the current challenges faced by industries in the post-pandemic economy, including layoffs, disrupted supply chains, and rising operational costs, responsible spend controls and clear financial oversight are more critical than ever. Procurify’s AI-powered tools offer organizations the means to optimize processes, manage risks, and achieve cost efficiencies.
The Road Ahead for Procurify
Procurify’s success in securing a total of $70 million in venture capital funding demonstrates its potential in the market. With a 100% year-over-year increase in sales and a strong customer base, the company is well-positioned for growth. The Series C funding will support Procurify’s expansion plans, including the development of new AI capabilities and the launch of innovative payment features.
