AI-driven sourcing and procurement platform developer Globality is the latest procurement tech firm to rack up a sizable funding round headed into Q4. The company raised $47 million in a Series D-1 and Series D-2 preferred stock offering. The company’s existing preferred shareholders and new investors, including Rollins Capital, supported the roiund, bringing the total capital raised by Globality to $356 million.
Procurement looking for a better way
At a time when multiple headwinds are conspiring to disrupt global supply chains, organisations are increasingly on the lookout for new ways to reduce costs, increase resilience, and drive strategic wins. According to Joel Hyatt, Globality’s Co-Founder and CEO, “Procurement is the low-hanging fruit because it is an enormous business function directly impacting the bottom line that utilises decades-old analog processes and outdated technology.”
Hyatt adds that more and more executives are turning to artificial intelligence (AI) to increase procurement efficiency, visibility, and strategic potential. “All CFOs are looking at how they can best deploy AI to lower costs and capture efficiencies,” he says, adding that “Procurement leaders recognize that Globality’s AI-driven software delivers immediate, material benefits, putting an end to unmanaged spend and enabling the function to become a stronger business partner.”
Enabling procurement with Globality AI
Globality is one of the industry’s leading developers of AI-enabled solutions for procurement. Judges named the company best Technology Provider at this year’s World Procurement Awards and, earlier this month, was the only autonomous sourcing platform included in the prestigious Spend Matters 50 to Know list.
The company’s platform runs on proprietary domain-specific data, adaptive machine learning models tailored and continuously refined for procurement. It also uses Gen AI to guide the user through an intuitive, interactive experience. As a result, the company claims, businesses that deploy Globality’s platform reduce costs by 10% – 20% across all their spend, while capturing 60% – 90% operating efficiencies and achieving better business outcomes.
As a result, Globality has had a marked impact on the way that large companies manage spend, source suppliers, negotiate lower costs, and evaluate performance. Globality’s Fortune 500 customers include Fidelity, Santander, British Telecom, Tesco, IQVIA, T. Rowe Price, Invesco, Hewlett Packard, Dropbox, and Allegis Global Solutions.
“We are delighted with the market momentum for adopting state-of-the-art AI technology that enables companies to do more with less and empowers employees to perform better and add more strategic value,” added Hyatt. “And we are grateful for the continued support of our shareholders and stakeholders.”