• July 25, 2024

Keelvar, a provider of automation software for sourcing, has raised $24 million in Series B funding. The company, based in Cork, Ireland, is one of many niche firms in the automation space that specialize for certain functions.

Keelvar said its software is focused on automating aspects of procurement including identifying reliable suppliers and automatically choosing low-cost shipping options. It uses artificial intelligence and other technology to automate the evaluation of various sourcing scenarios and decision making that benefits its customers’ supply chains.

The company calls procurement the “world’s most inefficient trillion-dollar marketplace” and said its solution streamlines the process for customers including Coca-Cola, Nestle, Samsung and Tesco.

“Procurement is broken. Costs are out of control, capacity is scarce and disruptions are everywhere. This dynamic makes it incredibly difficult for buyers and suppliers to remain agile, manage risk and strike deals,” said Alan Holland, founder and CEO of Keelvar. “We see an immense opportunity to alleviate economic and supply chain bottlenecks by making the sourcing process easier, faster and more intelligent. Our technology fundamentally changes what’s possible by offering a new approach to intelligent automation and optimization.”

The most recent funding round, led by 83North, brings Keelvar’s total raised to $43 million.