Today Irish startup Keelvar, an advanced AI-driven eSourcing software for supply chains, has announced that it has raised €16 million in Series A funding led by Elephant and Mosaic Ventures, with participation from Paua Ventures. The funds will be used to expand its supply chain automation solution across Europe and the US, the demand for which has been accelerated further by the recent COVID-19 pandemic.
Keelvar, founded in 2012, provides large enterprises with Advanced Sourcing Optimization software and Intelligent Sourcing Automation that uses AI-enabled Sourcing Bots to fully automate tactical buying processes. Keelvar currently manages over €80 billion in spend annually for enterprises in all major industries. Customers include blue-chip companies such as Siemens, Coca Cola, Novartis, BMW, and Samsung.
With COVID-19 disrupting supply chains globally, Keelvar expects the requirement for Sourcing Automation to further increase as organizations adapt to the changing economic landscape. The company believes its AI-based technology can provide a scalable solution for large enterprises that are reliant on diverse global supply chains.
Commenting on the Series A announcement, Alan Holland, CEO of Keelvar said: “The Future of Work in procurement is changing quickly, with COVID19 acting as a catalyst. We have witnessed an escalation in demand from enterprises seeking intelligent systems to automate complex processes as teams became overburdened with disrupted supply chains. Keelvar has proven that Sourcing Bots can relieve that burden enormously. Now it’s time to hit the accelerator and scale up.”
Speaking about the investment, Peter Fallon, Partner at Elephant noted: “Keelvar’s sourcing optimization and automation software delivers meaningful ROI to enterprise sourcing and procurement organizations globally. We are excited to partner with Alan Holland and the team at Keelvar as the company continues to emerge as a leader in this market.”
Speaking about the funding, Toby Coppel, co-founder and Partner at Mosaic Ventures said: “Keelvar is a brilliant example of machine learning in action, giving superpower to procurement teams in every large enterprise. With COVID-19 pushing businesses to embrace these new technologies, we’re excited to partner with Keelvar on the next phase of growth.”
To bolster its expansion into new markets, Keelvar is now hiring for a number of new roles, such as in engineering, artificial intelligence/machine learning, product development, professional services, design, sales, and marketing.