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The 13 Largest NYC Tech Startup Funding Rounds of May 2021

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Armed with some data from our friends at CrunchBase, I broke down the largest NYC Startup funding rounds in New York for May 2021.  I have included some additional information such as industry, description, round type, total equity funding raised to further the analysis for the state of venture capital in NYC.  Only equity rounds were considered.


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


13. Ever/Body $38.0M

Round: Series B
Description: Ever/Body is a cosmetic dermatology provider of personalized and tech-enabled services. Founded by Karen Castelletti and Kate Twist in 2018, Ever/Body is backed by investors that include ACME Capital, Addition, Declaration Partners, Fifth Wall, Gaingels, MetaProp, Redesign Health, and Tiger Global Management.
Investors in the round: ACME Capital, Addition, Declaration Partners, Fifth Wall, Gaingels, MetaProp, Redesign Health, Tiger Global Management
Industry: Beauty, Cosmetics, Health Care
Founders: Karen Castelletti, Kate Twist
Founding year: 2018
Total equity funding raised: $55.0M
AlleyWatch’s exclusive coverage of this round: Ever/Body Raises $38M as the Interest in Cosmetic Dermatology Surges


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


12. Talos Trading $40.0M

Round: Series A
Description: Talos is a technology provider of digital asset trading. Founded by Anton Katz and Ethan Feldman in 2018, Talos Trading is backed by investors that include Andreessen Horowitz, Autonomous Partners, Castle Island Ventures, Elefund, Fidelity Investments, Galaxy Digital, Illuminate Financial, Initialized Capital, Notation Capital, PayPal Ventures, and Steadfast Capital.
Investors in the round: Andreessen Horowitz, Autonomous Partners, Castle Island Ventures, Elefund, Fidelity Investments, Galaxy Digital, Illuminate Financial, Initialized Capital, Notation Capital, PayPal Ventures, Steadfast Capital
Industry:
Founders: Anton Katz, Ethan Feldman
Founding year: 2018


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


12. Timescale $40.0M

Round: Series B
Description: TimescaleDB is an open-source time-series database optimized for fast ingest and complex queries. Founded by Ajay Kulkarni and Michael Freedman in 2015, Timescale is backed by investors that include Amplo, Chris Paul, Fidelity Management and Research Company, Gaingels, General Catalyst, GGV Capital, Groupe Artemis, GV, Jose Andres, Justin Timberlake, Lewis Hamilton, Natalie Portman, and Temasek Holdings.
Investors in the round: Amplo, Chris Paul, Fidelity Management and Research Company, Gaingels, General Catalyst, GGV Capital, Groupe Artemis, GV, Jose Andres, Justin Timberlake, Lewis Hamilton, Natalie Portman, Temasek Holdings
Industry: Computer, Database, Information Services, Software
Founders: Ajay Kulkarni, Michael Freedman
Founding year: 2015
Total equity funding raised: $71.1M


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


11. Lithic $43.0M

Round: Series B
Description: Lithic is a virtual card platform that provides secure payments for businesses and consumers. Founded by Boling Jiang, David Nichols, and Jason Kruse in 2014, Lithic is backed by investors that include Bessemer Venture Partners, Index Ventures, Rainfall Ventures, Teamworthy Ventures, Tusk Venture Partners, and Walkabout Ventures.
Investors in the round: Bessemer Venture Partners, Index Ventures, Rainfall Ventures, Teamworthy Ventures, Tusk Venture Partners, Walkabout Ventures
Industry: FinTech, Payments, Privacy, Security, Software
Founders: Boling Jiang, David Nichols, Jason Kruse
Founding year: 2014
Total equity funding raised: $55.4M


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


10. Lili $55.0M

Round: Series B
Description: Lili is an all-in-one mobile banking service designed for freelance workers. Founded by Lilac Bar David and Liran Zelkha in 2018, Lili is backed by investors that include AltaIR Capital, Foundation Capital, Google for Startups, Group 11, Target Global, and Zeev Ventures.
Investors in the round: AltaIR Capital, Foundation Capital, Google for Startups, Group 11, Target Global, Zeev Ventures
Industry: Apps, Banking, Financial Services, FinTech, Software
Founders: Lilac Bar David, Liran Zelkha
Founding year: 2018
Total equity funding raised: $80.0M


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


9. Vise $65.0M

Round: Series C
Description: Vise is an AI-driven portfolio management platform for financial advisors. Founded by Runik Mehrotra and Samir Vasavada in 2016, Vise is backed by investors that include Ribbit Capital and Sequoia Capital.
Investors in the round: Ribbit Capital, Sequoia Capital
Industry: Artificial Intelligence, Financial Services, FinTech
Founders: Runik Mehrotra, Samir Vasavada
Founding year: 2016
Total equity funding raised: $128.0M


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


8. HiberCell $67.4M

Round: Series B
Description: HiberCell is a biotechnology company developing treatments to prevent cancer relapse and metastasis. Founded by Alan Rigby and Ari Nowacek in 2019, HiberCell is backed by investors that include ARCH Venture Partners, Bristol-Myers Squibb, Huizenga Capital Management, Magnetic Ventures, Monashee Investment Management, and Trinitas Capital.
Investors in the round: ARCH Venture Partners, Bristol-Myers Squibb, Huizenga Capital Management, Magnetic Ventures, Monashee Investment Management, Trinitas Capital
Industry: Biotechnology, Health Care, Health Diagnostics, Medical
Founders: Alan Rigby, Ari Nowacek
Founding year: 2019
Total equity funding raised: $128.2M


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


7. Headway $70.0M

Round: Series B
Description: Headway is a mental healthcare system provider that helps patients connect with therapists and submit insurance claims online. Founded by Andrew Adams, Daniel Ross, Jake Sussman, and Kevin Chan in 2019, Headway is backed by investors that include Accel, Andreessen Horowitz, GV, and Thrive Capital.
Investors in the round: Accel, Andreessen Horowitz, GV, Thrive Capital
Industry: Health Care, Information Technology, Insurance, Therapeutics
Founders: Andrew Adams, Daniel Ross, Jake Sussman, Kevin Chan
Founding year: 2019
Total equity funding raised: $100.5M
AlleyWatch’s exclusive coverage of this round: Headway Raises $70M to Make Mental Healthcare Accessible With its National Network of Therapists


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


6. VAST Data $83.0M

Round: Series D
Description: VAST Data is a software company bringing an end to complex storage tiering and unlocking the ability to use flash across the enterprise. Founded by Jeff Denworth, Renen Hallak, and Shachar Fienblit in 2016, VAST Data is backed by investors that include 83North, Common Fund, Dell Technologies Capital, Goldman Sachs, Greenfield Partners, Mellanox Capital, Next47, Norwest Venture Partners, NVIDIA, The Syndicate Group, and Tiger Global Management.
Investors in the round: 83North, Common Fund, Dell Technologies Capital, Goldman Sachs, Greenfield Partners, Mellanox Capital, Next47, Norwest Venture Partners, NVIDIA, The Syndicate Group, Tiger Global Management
Industry: Computer, Data Storage, Software
Founders: Jeff Denworth, Renen Hallak, Shachar Fienblit
Founding year: 2016
Total equity funding raised: $263.0M
AlleyWatch’s exclusive coverage of this round: VAST Data Raises $83M, Tripling its Valuation in the Last Year


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


5. Goldbelly $100.0M

Round: Series C
Description: Goldbelly is an online delivery platform for specialty food makers and artisans. Founded by Joe Ariel, Joel Gillman, Trevor Stow, and Vanessa Torrivilla in 2012, Goldbelly is backed by investors that include Intel Capital and Spectrum Equity.
Investors in the round: Intel Capital, Spectrum Equity
Industry: Delivery Service, E-Commerce, Food and Beverage, Online Portals
Founders: Joe Ariel, Joel Gillman, Trevor Stow, Vanessa Torrivilla
Founding year: 2012
Total equity funding raised: $133.1M


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


5. Material Bank $100.0M

Round: Series C
Description: Material Bank is the world’s largest architectural and design-focused material resource library. Founded by Adam Sandow in 2018, Material Bank is backed by investors that include Annox Capital, Bain Capital Ventures, Bond, Durable Capital Partners, General Catalyst, IPD Capital, Lead Edge Capital, and Raine Ventures.
Investors in the round: Annox Capital, Bain Capital Ventures, Bond, Durable Capital Partners, General Catalyst, IPD Capital, Lead Edge Capital, Raine Ventures
Industry: Architecture, Industrial Design, Interior Design, Logistics
Founders: Adam Sandow
Founding year: 2018
Total equity funding raised: $148.2M


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


4. Aetion $110.0M

Round: Series C
Description: Aetion provides real-world evidence (RWE) and outcomes-based analytics solutions to life science companies and payers. Founded by Allon Rauer, Jeremy Rassen, and Sebastian Schneeweiss in 2013, Aetion is backed by investors that include B Capital Group, Flare Capital Partners, Foresite Capital, New Enterprise Associates, and Warburg Pincus.
Investors in the round: B Capital Group, Flare Capital Partners, Foresite Capital, New Enterprise Associates, Warburg Pincus
Industry: Analytics, Artificial Intelligence, Biotechnology, Health Care, Life Science, Pharmaceutical, Software
Founders: Allon Rauer, Jeremy Rassen, Sebastian Schneeweiss
Founding year: 2013
Total equity funding raised: $203.6M
AlleyWatch’s exclusive coverage of this round: Aetion Raises Another $112M to Empower the Healthcare Industry with Data to Make Informed Decisions and Reduce the Time to Market


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


3. ASAPP $120.0M

Round: Series C
Description: ASAPP develops an AI-powered customer service tool designed to automate workflows in call centers. Founded by Gustavo Sapoznik and Marcus Westin in 2014, ASAPP is backed by investors that include 40 North Ventures, Dragoneer Investment Group, Emergence, Euclidean Capital, Fidelity Management and Research Company, HOF Capital, John Chambers, John Doerr, March Capital, and Telstra Ventures.
Investors in the round: 40 North Ventures, Dragoneer Investment Group, Emergence, Euclidean Capital, Fidelity Management and Research Company, HOF Capital, John Chambers, John Doerr, March Capital, Telstra Ventures
Industry: Artificial Intelligence, Customer Service, Enterprise Software, Sales Automation
Founders: Gustavo Sapoznik, Marcus Westin
Founding year: 2014
Total equity funding raised: $380.0M


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


2. Bowery Farming $300.0M

Round: Series C
Description: Bowery Farming uses vision systems, automation technology, and machine learning to monitor plants and their growth. Founded by Brian Falther, David Golden, and Irving Fain in 2014, Bowery Farming is backed by investors that include Amplo, Chris Paul, Fidelity Management and Research Company, Gaingels, General Catalyst, GGV Capital, Groupe Artemis, GV, Jose Andres, Justin Timberlake, Lewis Hamilton, Natalie Portman, and Temasek Holdings.
Investors in the round: Amplo, Chris Paul, Fidelity Management and Research Company, Gaingels, General Catalyst, GGV Capital, Groupe Artemis, GV, Jose Andres, Justin Timberlake, Lewis Hamilton, Natalie Portman, Temasek Holdings
Industry: Agriculture, Farming, Food and Beverage, Machine Learning, Organic Food
Founders: Brian Falther, David Golden, Irving Fain
Founding year: 2014
Total equity funding raised: $467.5M


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


2. Forter $300.0M

Round: Series F
Description: Forter offers a fraud solution that helps retailers grow sales, lower costs, and improve customer experience via its Decision as Service. Founded by Alon Shemesh, Liron Damri, and Michael Reitblat in 2013, Forter is backed by investors that include Adage Capital Management, Bessemer Venture Partners, March Capital, NewView Capital, Salesforce Ventures, Scale Venture Partners, Sequoia Capital Israel, Third Point Ventures, and Tiger Global Management.
Investors in the round: Adage Capital Management, Bessemer Venture Partners, March Capital, NewView Capital, Salesforce Ventures, Scale Venture Partners, Sequoia Capital Israel, Third Point Ventures, Tiger Global Management
Industry: E-Commerce, FinTech, Fraud Detection, SaaS
Founders: Alon Shemesh, Liron Damri, Michael Reitblat
Founding year: 2013
Total equity funding raised: $525.0M


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


1. Noom $540.0M

Round: Series F
Description: Noom is a psychology-based digital health platform used to provide intelligent nutrition and exercise coaching. Founded by Artem Petakov and Saeju Jeong in 2008, Noom is backed by investors that include Novo Holdings, Oak HC/FT, RRE Ventures, Samsung Ventures, Sequoia Capital, Silver Lake, and Temasek Holdings.
Investors in the round: Novo Holdings, Oak HC/FT, RRE Ventures, Samsung Ventures, Sequoia Capital, Silver Lake, Temasek Holdings
Industry: Fitness, Health Care, Mobile, Nutrition, Wellness
Founders: Artem Petakov, Saeju Jeong
Founding year: 2008
Total equity funding raised: $657.3M


The Australian Trade and Investment Commission, in partnership with NUMA New York, invites you to Demo Day to meet the 10 most innovative US-bound Australian startups in FinTech, RegTech, InsurTech, and Big Data! Sign up before 6/17 for an exclusive invitation to Demo Day here.


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Source: https://www.alleywatch.com/2021/06/nyc-startup-funding-top-largest-may-2021-vc/

Start Ups

Telehealth giant Amwell to acquire Portland healthtech startup Conversa

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National telehealth provider Amwell said it will acquire Portland, Ore.-based healthtech startup Conversa and SilverCloud Health.

Conversa, founded in 2014, sells platforms tailored to different medical conditions that allow medical teams to communicate with patients remotely. The company raised $8 million at the beginning of this year, after COVID-19 generated increased need for the service.

Conversa also helps medical providers automate text-based conversations and other administrative tasks before, during and after patients check in to medical care.

Amwell said it will use Conversa’s patient profiling and engagement tools to boost client experience and outcomes.

Murray Brozinksy, CEO of Conversa Health, said the deal will help “usher in the hybrid care delivery model of the future.”

Amwell said it paid approximately $320 million in stock and cash to acquire Conversa and SilverCloud, a digital platform that caters to mental healthcare. The transaction is expected to close at the end of the third quarter.

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Source: https://www.geekwire.com/2021/telehealth-giant-amwell-acquire-portland-healthtech-startup-conversa/

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Egyptian ride-sharing company Swvl plans to go public in a $1.5B SPAC merger

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Cairo and Dubai-based ride-sharing company Swvl plans to go public in a merger with special purpose acquisition company Queen’s Gambit Growth Capital, Swvl said Tuesday. The deal will see Swvl valued at roughly $1.5 billion.

Swvl was founded by Mostafa Kandil, Mahmoud Nouh and Ahmed Sabbah in 2017. The trio started the company as a bus-hailing service in Egypt and other ride-sharing services in emerging markets with fragmented public transportation.

Its services, mainly bus-hailing, enables users to make intra-state journeys by booking seats on buses running a fixed route. This is pocket-friendly for residents in these markets compared to single-rider options and helps reduce emissions (Swvl claims it has prevented over 240 million pounds of carbon emission since inception).

After its Egypt launch, Swvl expanded to Kenya, Pakistan, Jordan and Saudi Arabia. The company also moved its headquarters to Dubai as part of its strategy to become a global company.

Swvl offerings have expanded beyond bus-hailing services. Now, the company offers inter-city rides, car ride-sharing, and corporate services across the 10 cities it operates in across Africa and the Middle East.

Queen’s Gambit, the women-led SPAC in charge of the deal, raised $300 million in January and added $45 million via an underwriters’ overallotment option focusing on startups in clean energy, healthcare and mobility sectors.

The statement also mentions a group of investors — Agility, Luxor Capital and Zain Group — which will contribute $100 million through a private investment in public equity, or PIPE.

Per Crunchbase, Swvl has raised over $170 million. From an African perspective, Swvl features as one of the most venture-backed startups on the continent. The company has been touted to reach unicorn status in the past and will when this SPAC merger is completed.

The company will aptly trade under the ticker SWVL. The listing will make it the first Egyptian startup to go public outside Egypt and the second to go public after Fawry. It will also make the mobility company the largest African unicorn debut on any U.S.-listed exchange, beating Jumia’s debut of $1.1 billion on the NYSE. Swvl joins music-streaming platform Anghami as the second startup in the region to go public via a SPAC merger in the Middle East.

Swvl had annual gross revenue of $26 million in 2020, according to the statement, and the company expects its annual gross revenue to increase to $79 million this year and $1 billion by 2025 after expanding to 20 countries across five continents.

On why Queen’s Gambit picked Swvl for this deal, Victoria Grace, founder and CEO, said in a statement that the company fit the profile of what she was looking for: “a disruptive platform that solves complex challenges and empowers underserved populations.”

“Having established a leadership position in key emerging markets, we believe Swvl is ready to capitalize on a truly global market opportunity,” she added.

In May, TechCrunch wrote that SPACs didn’t target African startups for several reasons, including a lack of global appeal and private capital and market satisfaction. Judging by Grace’s comments, Swvl has that global appeal and is ready to venture into the public market despite being in operation for just four years.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://techcrunch.com/2021/07/28/egyptian-ride-sharing-company-swvl-plans-to-go-public-in-a-1-5b-spac-merger/

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Egyptian ride-sharing company Swvl plans to go public in a $1.5B SPAC merger

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Cairo and Dubai-based ride-sharing company Swvl plans to go public in a merger with special purpose acquisition company Queen’s Gambit Growth Capital, Swvl said Tuesday. The deal will see Swvl valued at roughly $1.5 billion.

Swvl was founded by Mostafa Kandil, Mahmoud Nouh and Ahmed Sabbah in 2017. The trio started the company as a bus-hailing service in Egypt and other ride-sharing services in emerging markets with fragmented public transportation.

Its services, mainly bus-hailing, enables users to make intra-state journeys by booking seats on buses running a fixed route. This is pocket-friendly for residents in these markets compared to single-rider options and helps reduce emissions (Swvl claims it has prevented over 240 million pounds of carbon emission since inception).

After its Egypt launch, Swvl expanded to Kenya, Pakistan, Jordan and Saudi Arabia. The company also moved its headquarters to Dubai as part of its strategy to become a global company.

Swvl offerings have expanded beyond bus-hailing services. Now, the company offers inter-city rides, car ride-sharing, and corporate services across the 10 cities it operates in across Africa and the Middle East.

Queen’s Gambit, the women-led SPAC in charge of the deal, raised $300 million in January and added $45 million via an underwriters’ overallotment option focusing on startups in clean energy, healthcare and mobility sectors.

The statement also mentions a group of investors — Agility, Luxor Capital and Zain Group — which will contribute $100 million through a private investment in public equity, or PIPE.

Per Crunchbase, Swvl has raised over $170 million. From an African perspective, Swvl features as one of the most venture-backed startups on the continent. The company has been touted to reach unicorn status in the past and will when this SPAC merger is completed.

The company will aptly trade under the ticker SWVL. The listing will make it the first Egyptian startup to go public outside Egypt and the second to go public after Fawry. It will also make the mobility company the largest African unicorn debut on any U.S.-listed exchange, beating Jumia’s debut of $1.1 billion on the NYSE. Swvl joins music-streaming platform Anghami as the second startup in the region to go public via a SPAC merger in the Middle East.

Swvl had annual gross revenue of $26 million in 2020, according to the statement, and the company expects its annual gross revenue to increase to $79 million this year and $1 billion by 2025 after expanding to 20 countries across five continents.

On why Queen’s Gambit picked Swvl for this deal, Victoria Grace, founder and CEO, said in a statement that the company fit the profile of what she was looking for: “a disruptive platform that solves complex challenges and empowers underserved populations.”

“Having established a leadership position in key emerging markets, we believe Swvl is ready to capitalize on a truly global market opportunity,” she added.

In May, TechCrunch wrote that SPACs didn’t target African startups for several reasons, including a lack of global appeal and private capital and market satisfaction. Judging by Grace’s comments, Swvl has that global appeal and is ready to venture into the public market despite being in operation for just four years.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://techcrunch.com/2021/07/28/egyptian-ride-sharing-company-swvl-plans-to-go-public-in-a-1-5b-spac-merger/

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Start Ups

Microsoft acquires Seattle startup Suplari, which uses AI to analyze corporate spending

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Suplari co-founders Jeff Gerber, Brian White, and Nikesh Parekh. (Suplari Photo)

Microsoft has acquired Suplari, a Seattle startup that uses artificial intelligence to help companies understand and get a handle on their spending.

Founded in 2016, Suplari analyzes procurement and spending data flowing into various enterprise systems. It can provide recommendations for cost savings, risk exposure, and other efficiency gaps. The software serves as an alternative to compiling data in an app such as Excel or Tableau and having a team of analysts comb through the information themselves. Suplari manages more than $180 billion in spend across millions of transactions per month.

Microsoft said it will pair Suplari with Microsoft Dynamics 365 “to help customers maximize financial visibility by using AI to automate the analysis of current data and historical patterns from multiple data sources.”

“Today’s announcement also signals our continued commitment to enabling organizations to move beyond transactional financial management to proactive operations that enhance decision making, mitigate risks, and reduce supplier costs through our data-first approach,” Microsoft vice president Frank Weigel wrote in a blog post.

Terms of the deal were not disclosed. Suplari said its “Suplari Spend Intelligence Cloud” will continue to remain available for existing customers.

Suplari is among a bevy of startups using artificial intelligence and machine learning to automate manual processes involving tons of data, and provide recommendations based on the computer-aided number crunching. There are several companies in Seattle applying similar technology in various industries, such as AttunelyLexionSigma IQ, and others.

Suplari had raised $18 million to date, according to PitchBook. Investors include Amplify Partners, Madrona Venture Group, Shasta Ventures, Two Sigma Ventures, and Workday Ventures.

The company was co-founded by Jeff Gerber, Brian White, and Nikesh Parekh, Suplari’s CEO.

Parekh is a real estate technology veteran who previously held leadership positions at Market Leader and Trulia. Gerber is a long-time engineering leader who co-founded startups including iConclude (acquired by Opsware and later by HP) and helped lead Apptio’s machine learning and intelligent app development. White worked with Gerber at iConclude as an early employee and did stints at Amazon Web Services and Skytap.

Parekh said Microsoft and Suplari have had partnership discussions over the past several years.

“Given Microsoft’s AI, cloud and data investments, customers can expect that Suplari will continue to deliver more AI-driven, predictive & prescriptive insights and integrated workflows for finance, procurement, & supply chain teams,” he wrote in a blog post.

The deal is the latest in a string of IPOs, fundings, and acquisitions across the Seattle startup ecosystem. Earlier this week Seattle startup Algorithmia was acquired by DataRobot.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://www.geekwire.com/2021/microsoft-acquires-seattle-startup-suplari-uses-ai-analyze-corporate-spending/

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