Arkestro Brings Game Theory And Machine Learning To Procurement With $26M Investment
06/14/22, 2:00 PM
Location
atlantaMoney raised
$26 million
Industry
financial services
other
data and analytics
software
Procurement involves buying supplies and services you need to run your business. For the most part, companies still use email and spreadsheets or legacy tools to find the best price and come to an agreement with the supplier. That’s fine as far as it goes, but in a world of growing supply chain problems and just-in-time production, it seems there should be a way to put more sophisticated technology to work on the problem.
Company Info
Location
atlanta, georgia, united states
Additional Info
Today the company announced a $26 million Series A to help keep growing the platform. The company works with a network of global suppliers and can help customers find the right ones at the best price to maintain services and supply levels.“Predictive procurement orchestration is really about finding the right balance. It’s going to continue to look for goods or services that a company needs until it finds someone who says yes to the price and amount, starting with a list of preferred providers. The company, which was originally called BidOps, launched in 2017 after Zagorin saw a need for this type of software while working as a procurement consultant. The company currently has around 50 employees, and is aggressively hiring. Arkestro is essentially a self-negotiating system.