Procurement Decision Data Specialist Beroe Raises $34m

Beroe, which provides intelligence to aid procurement decisions, has raised $34m, with which to enhance and expand its technology, both through product development and acquisitions.

Beroe was founded in 2006, and combines expertise, AI tools and massive amounts of data to help more than 1,000 global enterprise customers make faster and better procurement decisions. It has already acquired supplier and innovation scouting solutions firm Forestreet, this month; and nnamu, described as 'the world's first game theory-enabled autonomous negotiation solution', six months ago.

The primary fundraise came from a consortium of investors, through a minority stake dilution. The round was led by investors including Relativity Resilience Fund (Trust Group's Private Equity platform), Mukul Agrawal, Ashish Kacholia, Lashit Sanghvi and Alchemy Long Term Ventures Fund.

CEO and founder Vel Dhinagaravel says of the news, 'We are thrilled to welcome such a distinguished group of investors who share our vision of transforming the procurement landscape. This funding will be instrumental in accelerating our product development and solidifying Beroe's position as the decision workbench for procurement professionals worldwide.'

Web site: www.beroeinc.com .