Fairmarkit, an AI-powered tail spend management solution, has scored $11m in its Series A round led by Insight Partners.
Other contributions to the round came from the company’s seed investors. With the burst of funding, the FinTech will look to meet growing demand by hiring staff for its product development, customer success, and marketing teams.
In addition to this, the company will expand its product suite in partnership with its customer advisory board which includes The Andersons Inc., Univision, ServiceNow, and Blue Cross Blue Shield of Kansas City.
Founded in 2017, the platform automates enterprise procurement to help save costs and time by enabling employees to focus time on strategic initiatives. Machine learning and AI technology is used to create market competition and automate tail spend.
The company streamlines sourcing, vendor identification and automated quoting to speed up bid-to-buy processes.
Insight Partners vice president Thomas Krane said, “We found Fairmarkit’s tail spend management platform to be well-situated to disrupt manual procurement processes and help businesses save time, energy, and money. We look forward to working closely with the Fairmarkit leadership team as they scale the company and accelerate the adoption of the platform across a wide segment of enterprise customers.”
As part of the deal Insight Partners vice president Thomas Krane and co-founder and COO Tarek Alauri will join the Fairmarkit’s board of directors.
Earlier in the year, Insight Partners led the $55m Series B round of contract lifecycle management software startup ContractPodAi.
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