The Suplari team. (Suplari Photos)
Top venture capitalists and the investment arm of Workday are putting more dollars behind Suplari, a Seattle startup that uses artificial intelligence to help companies improve financial spend management.
The company reeled in an additional $5 million from Amplify Partners, Madrona Venture Group, Shasta Ventures, Two Sigma Ventures, and Workday Ventures, the venture arm of HR giant Workday.
Suplari previously raised a $10.3 million Series A round in April 2018. Suplari CEO Nikesh Parikh said the fresh funding is part of a new, larger round. He declined to comment on valuation.
As companies increasingly use various software to help run their businesses, they sit on mounds and mounds of data, in particular related to procurement and spend.
Suplari sits on top of enterprise systems and analyzes all of that data to provide recommendations for cost savings, risk exposure, and other efficiency gaps. It serves as an alternative to compiling data in an app such as Excel or Tableau and having a team of analysts comb through the information themselves.
The startup will use the new investment to focus on providing custom recommendations to companies based on their individual needs. It has more than 20 customers including Hulu, Nordstrom, …read more