Lausanne-based Datapred developing direct material procurement software has raised an undisclosed amount in its series A round from Berlin-based Join Capital. The funds will flow into software enhancement with decision augmentation capabilities, and expanding the client base in manufacturing.
Datapred’s procurement software uses machine learning to generate an optimal purchasing program shaving 3-5% off its clients’ direct material costs annually. It also provides industrial buyers with new opportunities to ‘trade around their assets – that is, to purchase based on the real-time combination of market trend predictions and operational cost/constraint optimisation. The solution will enable chief procurement officers to streamline procurement processes, from sourcing to payment. The company is already helping clients to optimise over €1 billion in energy and raw material spend across multiple categories, including metals, chemicals, natural gas and power.
Following the closing of a Series A round with JOIN Capital, a Berlin-based early-stage VC firm focusing on industrial and enterprise startups. Thanks to the new funds, Datapred is now working towards achieving its objectives which include increasing product functionalities such as scenario building, risk factor analysis, and expanding to other geographies including Germany and Benelux countries to increase its client base in manufacturing.
As part of their agreement, Sebastian von Ribbentrop, Partner at JOIN Capital, will join the Datapred board as part of this funding deal. According to him, “Procurement innovation is a top area of focus for us. Managing risk is a key issue for global Chief Procurement Officers, and Datapred has created a proven, AI-enabled optimization platform for procurement leaders. We couldn’t be more excited to partner with the exceptional team.”
(Press release/ran)
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