The new funding will be used to enhance Vertice’s AI capabilities, expand into new markets, and grow its engineering team. Future developments include document extraction, procurement templates, and workflow analytics. Vertice has facilitated over $3.4 billion in software spending for its clients, significantly reducing procurement cycle times and maverick spending. The company’s revenue has grown more than 13 times in the past two years, with a strong customer base in Europe.
Key takeaways:
- Vertice Technology Inc. raised $50 million in a Series C funding round led by Lakestar, bringing its total funding to over $100 million and its valuation to $500 million.
- Vertice's AI-driven expenditure management platform helps companies optimize spending on software and cloud computing by providing data points and insights for better purchasing decisions.
- The platform focuses on contract information and creates AI copilots to automate purchasing processes, offering benchmark pricing insights and analytics at the point of purchase.
- With the new funding, Vertice plans to enhance its AI platform, expand into new markets, and grow its engineering team, with new capabilities like document extraction and procurement templates on the roadmap.