London-based start-up, Vertice, achieves a milestone in its growth by receiving a $50 million investment for its AI-powered SaaS spend platform. Over the past three years, Vertice under leadership of CEO and co-founder, Roy Tuvey, has expanded its business by thirteen-folds.
The platform aims at revolutionizing company processes, particularly in procurement and spend management. The unified and simplified platform mitigates the pressure to deliver savings and efficiencies on procurement teams often dealing with split systems.
This Series C round of funding is led by new investor, Lakestar, with participation from Perpetual Growth, CF Private Equity, early supporters Bessemer Venture Partners and 83North. Vertice has garnered approximately $100 million so far and the value was marked up in this raising round.
Vertice’s clientele, spread across Europe, the U.S, and Asia Pacific includes notable names such as chip manufacturer ASML, Euronext, Grant Thornton, and banking titan Santander. The company is known for its unique approach of integrating with a business’s data to provide appropriate suggestions. It employs AI tools to comprehend a company’s operations, spending patterns, and future requirements and needs.
Through Vertice, company’s procurement process speeds up saving 20-30% typically halving the purchasing cycles. “We ingest all the contract information through AI,” says Tuvey, explaining that this technology is instrumental in automating tasks originally handled manually by the finance team. Vertice, thus, orchestrates procurement and helps pinpoint bottlenecks in company’s processes, saving valuable time and resources.
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