Arkestro, the leading Predictive Procurement Orchestration platform, today announced they have closed a $26 million Series A funding round led by NEA, Construct, Koch Disruptive Technologies (KDT) and Four More Capital, a division of Henry Crown & Company, and with participation from existing seed vendors Cervin, Correlation, El Cap, Forum, Illuminate and Tenacity. This fresh funding will be used to accelerate growth, enabling Arkestro to further help customers amplify the impact of procurement’s influence across their enterprises using behavioral science, game theory and predictive machine learning models applied at a massive scale.
“Our customers’ success is now creating a movement among investors that truly understand the transformative value of predictive machine learning to drive continuous improvement in any procurement, sourcing and purchasing cycle. Securing this round was based on our customers’ ability to influence 100% of spend including direct spend in fast-moving, non-recurring, complex and market-constrained supply categories without requiring any user adoption or heavy integration,” says Edmund Zagorin, CEO, Arkestro. “Our leadership sees this investment as additional validation for Predictive Procurement Orchestration as an emerging market category, and especially for the ‘savings-on-autopilot’ approach.”
“Arkestro’s embedded platform unlocks clear business value by empowering enterprises to scale their most efficient purchasing decisions, resulting in accelerated savings and improved supplier experience,” says Jeff Immelt, Venture Partner, NEA. “Arkestro is composed of a strong and diversified team of technical and GTM leaders with a differentiated, AI-powered solution that meets growing market needs for one-stop procurement and supply chain optimization.”