Omnea Raises $50M to Make Procurement CFOs’ Competitive Advantage

Omnea, a number one AI-native procurement consumption and orchestration platform, has raised $50M in Series B funding to speed up its shift to a brand new period of AI-powered provider relationship administration. The spherical was led by Insight Partners and Khosla Ventures, with participation from Accel, Point Nine, First Round Capital, and Prosus bringing whole funding to over $75M.

This announcement comes after one other yr of hypergrowth for Omnea. The firm has grown income 5x and greater than tripled headcount prior to now 12 months, including a lot of high-profile enterprise companies to its buyer base throughout North America and Europe, together with Spotify, Albertsons, Wise, Adecco and MongoDB. Omnea will use the fundraise to scale the following section of its imaginative and prescient—AI-powered Supplier Relationship Management (AI SRM)—and speed up hiring throughout the US and UK.

Enterprise-level procurement in an AI period

Omnea’s momentum is about towards the backdrop of the rising monetary strain confronted by companies of all sizes pushed by elevated rates of interest, rising prices and an evolving regulatory panorama. At the identical time, they’re managing extra suppliers than ever earlier than. Every division is utilizing extra expertise suppliers, consultants, and different third-party suppliers, pushed by the appearance of AI.

Procurement sits at this crossroads, tasked with maintaining spend disciplined whereas continually assessing and mitigating the third-party threat related to each potential provider. Despite its strategic significance, it stays chronically underserved by software program, hampered by clunky processes that make it sluggish, guide and sometimes dismissed as an administrative operate. Omnea exists to change that. The firm is increasing its agentic capabilities to unlock the strategic energy of procurement.

Since being based in 2022, Omnea has centered on making the procurement course of extra environment friendly for procurement groups, their staff and suppliers, and the various stakeholders concerned throughout finance, threat, IT and authorized. The platform creates a single entrance door for workers to make requests in pure language, orchestrates workflows that seamlessly contain the correct stakeholders and techniques, and acts as a supply of fact for each provider used throughout the enterprise.

Jeff Lieberman, Managing Director at Insight Partners, famous clients’ evangelism of the platform: “Of the numerous gamers we checked out out there, Omnea had the happiest clients on the market. The firm makes use of AI to ship a contemporary, seamless procurement course of that helps staff get the suppliers they want in a fast and compliant method. From disruptive tech firms to Fortune 500 giants, Omnea’s clients are saving tens of millions of {dollars} a yr by lowering duplicative and underutilised suppliers. We are thrilled to companion with the Omnea crew on this subsequent chapter of progress.”

Ben Kung, VP Finance at Spotify commented: “Omnea’s AI capabilities and workflow automation can exchange fragmented techniques, infinite electronic mail threads, and guide spreadsheets. This allows the potential for a single supply of fact for each request, overview, and threat examine, whereas additionally eliminating the guide busywork that slows procurement groups and the remainder of the enterprise down.”

Evolving from orchestration to intelligence

Omnea is utilizing the funds raised to scale the following section of its AI SRM imaginative and prescient—constructed on the corporate’s single supply of fact for vendor information, which is repeatedly refreshed via a two-way orchestration layer spanning the complete finance tech stack. “Businesses maintain a treasure trove of provider information, however its worth is locked away in spreadsheets, inboxes and siloed level options,” stated Ben Freeman, Omnea Founder and CEO. “Our AI SRM platform unlocks that information at each degree of the group: proactively flagging expired certifications for threat groups, launching RFPs for procurement, and delivering related reviews to CFOs—all via a contemporary, intuitive interface.”

Vinod Khosla of Khosla Ventures, stated: “AI is reshaping how work will get executed inside massive enterprises, particularly in outdated areas like procurement. Omnea is the primary full AI provider relationship administration platform, automating all the things from sourcing and onboarding to monitoring efficiency and threat, to flip procurement from an administrative burden right into a progress driver.”

Freeman attributes Omnea’s fast progress to an obsession with “expertise density,” sustaining a lean crew of rigorously chosen excessive performers. Shortly after Omnea’s launch, Freeman reunited with former Tessian executives Abhirukt Sapru (CCO) and Sabrina Castiglione (CFO), who beforehand scaled Tessian right into a cybersecurity innovator acquired by Proofpoint. With AI SRM, Omnea brings a transformative, aggressive edge to the historically antiquated world of procurement.

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