Suplari Raises Additional Financing to Support the Launch of AI-Driven Enterprise Insights System
Suplari, Inc. announced the launch of the first AI-driven enterprise insights system for procurement, finance, and IT, backed by additional financing from Amplify Partners, Madrona Venture Group, Shasta Ventures, Two Sigma Ventures, and Workday Ventures. This new investment will allow Suplari to expand its core technology platform that rapidly builds proactive, AI-driven insights from enterprise data, and accelerate sales and marketing activities.
Suplari helps increase the productivity of procurement, finance, and IT teams by leveraging AI-driven algorithms and proactively alerting them in order to optimize budgets, sourcing strategies, contracts, spend across accounts payable, travel and entertainment, corporate card, employee compliance, and supplier risk.
Suplari’s enterprise insights system connects and monitors complex and disparate enterprise data sets, creating meaningful insights that help optimize financial performance. In conjunction with its data science team, strategic partners, and customers, Suplari has developed a comprehensive library of Insights Applications that continuously analyze and monitor enterprise data, proactively detecting opportunities to enhance IT, financial health, and business critical key performance indicators. This library, which includes more than 60 insights, allows customers to better manage supplier performance, budgets and forecasting, contract renewals, purchasing card, travel and expense compliance, and more.
“There is significant value in a company’s data, yet this data tends to be inaccessible and unactionable due to current data silos and outdated enterprise systems,” said Nikesh Parekh, CEO and co-founder of Suplari. “We’ve been helping customers with complex data and systems to drive improved financial performance. Suplari delivers continuous and proactive insights to optimize IT, financial health and business critical KPIs. Our library of insights continues to grow and so does the value delivered to our customers.”
“Suplari allows CDK Global, Inc. to derive true intelligence from our procurement data,” said Mike Morsch, vice president, global procurement and supply chain, CDK Global, Inc. “By leveraging Suplari’s AI-driven Insights, my team is able to quickly identify optimization opportunities, which allows them to prioritize activities.”
“With increasing pressure to manage complex data sets and closely align spend to optimize their resources, Suplari’s library of proactive insights can help organizations manage their finance, supply chain, procurement, and IT data,” said Mark Peek, managing director and co-head, Workday Ventures. “With Suplari as a Workday partner, our joint customers can leverage the power of our combined analytics in a single system, helping them save money, reduce supplier risks, and enhance purchasing compliance.”