Procurement software startup Omnea Ltd. revealed today that it has raised $50 million in new funding to accelerate the shift to a new era of artificial intelligence-powered supplier relationship management.

Founded in 2022, Omnea offers a procurement intake and orchestration platform built to modernize how enterprises manage supplier relationships. The company focuses on simplifying procurement by creating a single front door for employees to make supplier requests in natural language.

Omnea helps enterprises deal with the growing complexity of procurement in the AI era, one where companies rely on an expanding number of vendors, ranging from software providers to consultants, while also facing mounting regulatory and financial pressures.

The company’s platform automates risk checks, ensures compliance and eliminates fragmented systems by unifying procurement activities in one place. The result reduces duplication, prevents underutilized supplier contracts and enables businesses to save millions each year.

Omnea’s platform is also designed to bring intelligence into supplier relationship management through its AI-powered Supplier Relationship Management solution. The solution continuously refreshes vendor data and uses it to trigger proactive actions, such as flagging expired certifications for risk teams, launching requests for proposals for procurement, or generating reports for chief financial officers.

Additionally Omnea’s value extends beyond efficiency by unlocking hidden insights from siloed vendor data by integrating with the broader finance tech stack.

“Businesses hold a treasure trove of supplier data, but its value is locked away in spreadsheets, inboxes and siloed point solutions,” said founder and Chief Executive Ben Freeman. “Our AI SRM platform unlocks that data at every level of the organization: proactively flagging expired certifications for risk teams, launching RFPs for procurement and delivering relevant reports to CFOs — all through a modern, intuitive interface.”

Omnea said it has seen strong growth, including revenue growing fivefold in the last year, off an undisclosed base. It said it has added a number of high-profile enterprise businesses to its customer base across North America and Europe. Notable customers include Spotify Technology S.A., Albertsons Companies Inc., Wise plc, Adecco Group AG and MongoDB Inc.

The Series B round was led by Insight Partners LP and Khosla Ventures, with Accel Partners LP, Point Nine Capital GmbH, First Round Capital LP and Prosus N.V. also participating. The company had previously raised $25 million in a Series A round in October.

“AI is reshaping how work gets done inside large enterprises, especially in outdated areas like procurement,” said Vinod Khosla of Khosla Ventures. “Omnea is the first full AI supplier relationship management platform, automating everything from sourcing and onboarding to tracking performance and risk, to turn procurement from an administrative burden into a growth driver.”

Photo: Omnea