Buying supplies and services is a part of procurement. Email and spreadsheets are still used by companies to find the best price and come to an agreement with their suppliers. In a world of growing supply chain problems and just-in-time production, there should be a way to put more sophisticated technology to work.
Arkestro is here. The best prices can be found using automation and intelligence. The Series A will help the platform grow.
Edmund Zagorin said that his company uses Predictive Procurement Orchestration, which involves a number of different elements. Machine learning, game theory and behavioral science are used to model a procurement process before it starts. Pricing and commercial terms are suggested by us. He said that they help companies reach fast agreements with their suppliers.
He wants the end result to be that everyone gets what they need. Suppliers get quicker purchases. The business ultimately gets the parts and services they need to please their customers because procurement gets faster savings.
The company works with a network of global suppliers and can help customers find the right one at the best price.
Finding the right balance is one of the things prediction procurement is about. It's not about getting a lot of suppliers. Understanding what meaningful optionality is is what it's about. We describe high intent purchasing as having meaningful choices in your supplier network, and having the data to understand the business costs and benefits of each choice, and then being able to choose the optimal choice of those that are available to you for each choice.
Arkestro is a system of self- negotiation. It is going to keep looking for goods and services until it finds someone who will agree to the price and amount.
You think this is just about manufacturing? Arkestro counts software companies like Coupa and Box as customers and the software works in those environments.
After seeing a need for this type of software while working as a procurement consultant, the company's name was changed to BidOps. The company has 50 employees and is looking to hire more.
Building diversity is an important factor in hiring. Building a diverse and inclusive team is a priority for us. Being geographically diverse and remote help with that. He said that they have a major engineering hub in Atlanta and that they make it a priority to consider diverse candidates for every role that they hire.
The round was led by NEA, Construct, Koch Disruptive Technologies, and Four More Capital.
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