LightSource Raises $33 Million to Scale AI-Native Enterprise Procurement Platform

LightSource Labs emerged from stealth Tuesday (April 15) and said it raised $33 million in seed and Series A funding to scale its artificial intelligence (AI)-native enterprise procurement platform.

The company will use the funding to scale its team, continue enhancing its platform’s capabilities and expand its reach into new sectors, LightSource said in a Tuesday press release.

“We want to make the easy things easier and the hard things possible by scaling our AI-powered solutions and converting procurement from a necessary evil to a critical business driver,” LightSource Co-founder and CEO Spencer Penn said in the release.

LightSource’s platform offers the benefits of digitalization in an area — sourcing — that is often managed with manual processes and disparate information that includes emails, spreadsheets and randomly formatted invoices and contracts, according to the release.

For buyers, the platform automates the processes of identifying potential suppliers, managing requests for quotes (RFQs), comparing bids and helping teams collaborate, the release said.

For suppliers, it makes it easier to review RFQs and respond with competitive quotes, per the release.

LightSource has secured contracts with major enterprises, according to the release. Since 2024, its platform has processed over $1 billion in spend and facilitated more than 1,100 sourcing events.

“LightSource comes at a critical time amid global trade uncertainty and volatility, highlighting the need for robust and agile procurement tools,” the release said. “This environment underscores the critical need for software solutions that provide real-time visibility into supply chains, enable scenario planning and facilitate agile decision-making.”

Businesses across industries have upped their investments in technologies to support procurement processes, and many of those that have been slow to do so now plan to increase their spending on procurement platforms, according to the PYMNTS Intelligence and Corcentric collaboration, “Digital Payments: Modernizing Procurement Processes.”

The report found that as of 2023, 31% of retailers are already investing in procurement systems, and another 53% plan to do so.

Among manufacturers, 42% of companies are already investing in upgrading their procurement technology and another 44% plan to invest in this area.

Many of these companies aim to improve their real-time inventory information and supply chain analytics, according to the report.

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