Shasta Ventures Leads Round to Drive Expansion of Cloud Software Company’s AI-Driven Insights Platform
SEATTLE – April 5, 2018 – Suplari, the AI-driven insights platform for procurement, today announced that it has closed a $10.3 million Series A financing led by Shasta Ventures with participation from new investors including Two Sigma Ventures and Workday Ventures as well as existing investors Madrona Venture Group and Amplify Partners.
Suplari’s cloud-based artificial intelligence (AI) platform enables procurement and finance teams to find hidden cost savings and unidentified supplier risk by analyzing millions of enterprise data points and interactions across disparate enterprise systems including contracts, purchasing, product usage, accounts payable, travel and expense, and corporate card accounts. Suplari empowers enterprises to reduce costs, reduce fraud and risk, and increase compliance with policy and government regulation.
“Businesses are facing significant uncertainty and volatility, unprecedented business model disruption, international competition, and increased government regulation. Simultaneously, enterprises are sitting on mountains of data that can help them run more profitably and efficiently than ever before,” said Nikesh Parekh, CEO and co-founder of Suplari. “Suplari uses advanced AI on top of existing enterprise systems to proactively uncover the highest-value opportunities and empower CFOs or chief procurement officers to unlock savings and increase profit, which can then be invested in growth, innovation, and their people.”
Suplari is already helping large Fortune 1000 enterprises unlock insights and millions of dollars in cost savings from their supplier data. For example, Suplari has helped customers consolidate $200 million in professional services and temporary labor suppliers, reduced software licensing fees by 33%, unlocked millions through real-time contract negotiations, and reduced the time required to produce monthly reporting by 95%.
“As SaaS and the adoption of new data source becomes prevalent in the enterprise, it is increasingly difficult to connect and unify all the different systems and data sources,” said Ravi Mohan, Managing Director of Shasta Ventures. “Suplari gives CFOs and procurement teams a real-time transaction level data platform view based on machine learning and AI – a common data model for contracts, invoices, POs, expenses and usage data– so they can more easily reduce spend and manage risk.” As part of the financing, Mohan will join the Suplari board.
Suplari, which is easy to deploy, analyzes data that has been locked in different silos for years. With Suplari customers can benefit from:
- Real-time, unified supplier data: Broader than just spend analytics, Suplari integrates, normalizes, and categorizes siloed data sources from your enterprise systems including contracts, invoices, purchase orders, accounts payable, travel and expense, corporate card, and consumption into a comprehensive supplier data model. Suplari can integrate into a company’s enterprise software systems and pull data in real time to enable rapid time to value.
- Powerful out-of-the-box analytics and workflows: Simplified analytics, workflows, reporting and scorecards that are easy to use, easy to share, and alerts-driven. Everyone in the organization can have the same view of each supplier’s spend, contracts, risk, usage and value to the enterprise.
- AI-powered insights: Through artificial intelligence, Suplari delivers actionable cost savings, reduces risk and provides compliance insights for investigation and resolution, and also keeps a record of value delivered.
- No IT, professional services or rip-and-replace. Suplari delivers value quickly by sitting on top of and integrating with existing enterprise systems, reducing the need to queue for an IT project, lengthy consulting engagements, or changing processes or tools. Suplari can be deployed in less than 4 weeks – with an expected return on investment in months.
- Security and compliance: Enterprise-grade security and redundancy to ensure the integrity and availability of enterprise supplier data.
- Team of experts: Dedicated team of data scientists specializing in supplier data unification and procurement insights.
Suplari provides an AI-driven insights platform that enables enterprises to achieve what’s not humanly possible. Customers realize hard dollar cost savings and effectively manage supplier risk that is today hidden within millions of data points in the enterprise. Suplari connects and unifies disparate supplier data sources and systems and then continuously analyzes millions of supplier and sourcing transactions to generate real-time AI-driven insights on reducing spend, mitigating risk and increasing compliance. Suplari’s products are on the cutting edge of AI in procurement and cloud computing. For more information, contact info (at) suplari.com.
About Shasta Ventures
Shasta Ventures is a leading early-stage venture capital firm partnering with bold creative entrepreneurs who are passionate about building epic products and amazing experiences. Founded in 2004, Shasta Ventures has more than $1B under management investing in enterprise and consumer companies with a deep focus on emerging platforms.
About Madrona Venture Group
Madrona has been investing in early-stage technology companies in the Pacific Northwest for more than 20 years and has been privileged to play a role in some of the region’s most successful technology ventures. The firm invests predominately in seed and Series A rounds across the information technology spectrum, including AI, machine learning, consumer, commercial software and services, digital media and advertising, networking and cloud computing. Madrona manages nearly $1.3 billion and was an early investor in companies such as Amazon.com, Apptio, Rover.com, and Redfin.
About Amplify Partners
Amplify Partners is an early-stage venture capital firm that works side by side with first-time founders and serial entrepreneurs to transform their groundbreaking ideas into companies that win. Over thirty-five founding teams in infrastructure and data-driven technology have selected Amplify as their partner on the path to success. With expertise gained from decades of experience, the Amplify team provides critical help with engaging early customers, establishing product-market fit and attracting the right talent to realize their vision.
About Two Sigma Ventures
Two Sigma Ventures is an early-stage venture capital fund. We leverage the resources of a world-class data and technology driven asset management firm to invest in transformative companies that are harnessing information and computing power to change to world.
About Workday Ventures
Workday Ventures is the venture investment arm of Workday, a leading provider of enterprise cloud applications for finance and human resources. Founded in 2005, Workday delivers financial management, human capital management, and analytics applications designed for the world’s largest companies, educational institutions, and government agencies. Organizations ranging from medium-sized businesses to Fortune 50 enterprises have selected Workday.