Conexiom raises $40M from Iconiq Capital to automate enterprise transactions
Conexiom, a Canadian software-as-a-service provider focused on making companies’ sales processes more efficient, today said that it has landed $40 million in funding from Iconiq Capital.
Iconiq Capital makes investments on behalf of a client roster that includes Facebook Inc. Chief Executive Mark Zuckerberg, LinkedIn founder Reid Hoffman and other prominent tech figures. It’s backing Conexiom following a period of expansion during which the startup claims to have logged 70% year-over-year growth.
Conexiom, officially ecmarket Inc., provides a platform that reduces the amount of manual work involved in processing business-to-business sales orders and invoices. Transactions between companies have to be entered into at least two accounting systems: that of the customer and that of the supplier. In practice, however, customers often only enter order details into their own company’s systems and send a copy via email or fax to the supplier, where workers must painstakingly transfer the details into its accounting database.
Conexiom’s platform automates the task. The platform extracts data from each field in a printed or emailed order, then loads them into the supplier’s system. Conexiom’s pitch to enterprises is that its software can both save time for employees and eliminate the risk of data entry mistakes caused by human error.
The addressable market for cloud services that automate sales-related administrative chores is significant because orders and invoices are part of every business-to-business organization’s operations. According to Conexiom, business-to-business sales worth $8.4 trillion are processed manually in North America alone.
The company has already captured a slice of the addressable market, disclosing today that it’s helping to process $100 billion in annual spending across 22 million transactions. The $40 million from Iconiq will give Conexiom a boost as it works to win more market share. “We will use the funding to help us to better serve customers through accelerated platform development, with an increased investment in machine learning and artificial intelligence,” Conexiom Chief Executive Officer Ray Grady said in a statement.
The startup also plans to expand in international markets.
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