Levelpath has raised $44.5 million to launch its artificial intelligence (AI)-powered procurement platform.
The company aims to enhance the procurement experience by introducing a procurement platform that is AI-powered and mobile-first, the company said in a Monday (Sept. 18) press release.
Levelpath was founded by CEO Alex Yakubovich and President Stan Garber, who were previously the founders of Scout RFP, according to the release. Following the acquisition of Scout RFP by Workday in 2019, Yakubovich and Garber decided to address the challenges faced by procurement professionals by creating Levelpath.
The platform aims to improve the procurement experience by leveraging AI technology to solve current procurement processes that are often siloed and time-consuming, the release said. It offers an intuitive and simplified workflow for employees engaging with the procurement team, tailored to meet each company’s compliance and procurement parameters. Levelpath streamlines complex processes that often involve lengthy email chains or Slack threads with multiple stakeholders, reducing them to just a few clicks.
One of the standout features of Levelpath is its AI-powered insights into vendors, per the release. By identifying service provider redundancies before making a purchase, the platform enables businesses to make more informed decisions and save money.
Reports from users suggest that organizations can save up to 60% of their budget by streamlining procurement workflows, according to the press release. Users have praised the platform for its ability to consolidate data, provide transparency and visibility into the procurement process, and streamline collaboration.
With the recent funding, Levelpath plans to expand its team and drive further product developments, the release said.
The funding round was led by Benchmark and Redpoint Ventures, per the release. As part of the funding, Alex Bard from Redpoint Ventures and Chetan Puttagunta from Benchmark will join Levelpath’s board of directors.
PYMNTS Intelligence has found that both retailers and manufacturers are working to modernize their procurement processes.
Thirty-one percent of retailers are already investing in upgrades to their procurement systems, and another 53% plan to, according to “Digital Payments: Modernizing Procurement Processes,” a PYMNTS and Corcentric collaboration.
Similarly, 42% of manufacturers are already investing in such upgrades, and another 44% intend to do so, the report found.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More