Omnea, an AI-powered procurement orchestration and supplier risk management platform, has raised $20 million in Series A funding to make procurement painless and give companies greater control over their spend.
Most businesses today find the procurement experience extremely complex and difficult. This is because, in recent years, procurement has become increasingly decentralised, with legal, security, finance, ESG and governance considerations to factor into every purchase.
It currently takes an average of six months and the involvement of upwards of 11 stakeholders for a tool to move from identification to final purchase.
This delay often pushes exasperated employees to disregard the procurement process, resulting in unnecessary supplier risk and shadow IT. At the same time, the ongoing sprawl in tools and suppliers is creating wasted spend and inefficiency.
Technology companies have an average of 125 tier-one suppliers that usually need to be reviewed annually—a time-consuming manual process that is often neglected, leading to wasted money every year with unnegotiated contracts, missed renewals, and underutilised suppliers.
Omnea was founded in 2022 by Ben Freeman…
