Levelpath has raised over $55 million in a Series B funding round to scale its artificial intelligence (AI)-native enterprise procurement platform that includes AI agents.
The company will use the new funding to accelerate its product development, grow its go-to-market team and deepen its ecosystem partnerships, it said in a Monday (June 30) press release.
“We didn’t retrofit old systems with AI,” Levelpath Co-Founder and CEO Alex Yakubovich said in the release. “We reimagined what procurement could be when intelligence is built into every interaction.”
Levelpath’s AI agents are embedded directly into the platform, enriched with supplier-centric context and designed to connect insights across processes, according to the release.
The AI agents can autonomously handle sourcing event creation, supplier onboarding, risk assessments and other procurement challenges, the release said.
Neeraj Agrawal, general partner at Battery Ventures, which led the funding round, said in the release that Levelpath “represents the future of enterprise procurement: intelligent, automated and strategically aligned with business objectives.”
“The team has built remarkable technology that delivers demonstrable value to some of the world’s largest companies,” Agrawal said. “We are excited to partner with them as they scale to become the definitive procurement platform for global enterprises.”
Levelpath was founded by Yakubovich and Stan Garber after they founded Scout RFP, sold that company to Workday in 2019 and then decided to launch an AI-powered platform to address the challenges faced by procurement professionals.
The company said in September 2023 that it had raised a total of $44.5 million in seed and Series A funding rounds to launch the platform.
In March, Levelpath announced an integration that brought the procurement automation capabilities of its platform to Coupa’s AI-native Total Spend Management Platform.
The company said at the time that this combination can help organizations streamline their operations and reduce their procurement cycle times by up to 60%.
The PYMNTS Intelligence and Corcentric collaboration “Digital Payments: Modernizing Procurement Processes” found that 31% of retailers and 42% of manufacturers are already investing in upgrades to their procurement systems, while another 53% of retailers and 44% of manufacturers plan to make such an investment.