Smart procurement workflow platform ORO Labs has raised $34 million in Series B funding.
The firm will use the new capital to meet the demand for solutions for managing procurement and supplier complexity and to expand its smart procurement workflows across the globe, ORO Labs said in a Wednesday (Nov. 1) post on LinkedIn.
Procurement software is the No. 1 area in which chief financial officers (CFOs) plan to increase their tech investment, Felicis General Partner Victoria Treyger wrote in a Wednesday blog post on the investor’s website.
“Procurement is a massive market that touches on every department in the organization and is growing in complexity every day,” Treyger said in the post. “The number of SaaS [Software-as-a-Service] apps used by different departments is increasing every year while the number of vendors and the complexity of managing these vendors is exploding.”
CFOs are looking for procurement software that delivers workflows to unify procurement decisions across the company and provide visibility, help manage vendor complexity and risk, and leverage artificial intelligence (AI) to simplify decision-making and other tasks, Treyger said in the post.
“The more we dug into the complexity of procurement, the more we fell in love with the massive opportunity to reinvent this category and with the extraordinary ORO team,” Treyger wrote in the post. “That’s why we’re excited to lead the series B for ORO Labs, the platform for smart procurement workflows.”
ORO Labs aims to help customers orchestrate the procurement process across systems and teams, according to the post. One year after launching from stealth mode, it has signed and expanded with Novartis, BASF, large global banks and other large customers across industries.
“ORO has built out hundreds of complex integrations that integrate into ERP [enterprise resource planning] systems, payments systems and every system of record in the enterprise,” Treyger wrote. “ORO’s orchestration layer sits on top of sourcing, contracting, vendor master and ERP and automates the entire start-to-end process for business users, creating a seamless procurement experience.”
PYMNTS Intelligence has found that digitizing procurement is a top priority for more than half of manufacturers and retailers.
These businesses aim to improve the efficiency of their processes for purchasing goods and services, as well as their ability to respond to any disruptions, according to “Digital Payments: Modernizing Procurement Processes,” a PYMNTS and Corcentric collaboration.