Berlin-based Mercanis, a company that offers AI-powered software for procurement and sourcing, announced on Thursday that it has secured $10M (approximately €9.16M) in a seed round of funding.
The investment was led by institutional investors Signals.VC, DI Technology and Speedinvest. Business angels Dr Ulrich Piepel, Dr Marcell Vollmer, Mirko Novakovic (Instana), and Victor Jacobsson(Klarna) also participated in this round.
Fabian Heinrich, CEO and co-founder of Mercanis, says, “We are very grateful for the confidence shown in this round of financing. It shows how important forward-looking procurement software is in the current economic landscape.”
“In today’s times, that of inflation and recession, we not only enable growth, we also ensure cost and time efficiency while offering our customers solid risk coverage,” adds Heinrich.
“The leading sourcing suite”
Founded by Fabian Heinrich and Moritz Weiermann in 2020, Mercanis aims to transform its procurement process using AI and automation. Its product portfolio is centred around four main domains: Spend Analytics, Sourcing & Request Events (RFx), Supplier Management (SRM), and Contract Management.
The company claims to differ from its competitors due to its holistic approach to sourcing and supplier management. Mercanis says its solution saves over 40 per cent of the costs through digital and automated processes.
Dr Daniel Kirchleitner, General Partner signals.vc, says, “The software from Mercanis can be read as an answer to the macroeconomic challenges and underlines the important role of procurement.”
“The decisive added value for the customer lies on the one hand in the combination of process automation, predictive analysis and AI and on the other hand in the unique suite approach,” adds Kirchleitner.
The company has gained trust and credibility through partnerships with major corporations like Linde, Wilson, and Arcteryx, as well as medium-sized companies such as weinor, Oventrop, and Frutiger.
Mercanis was also recently recognised as a Gartner Cool Vendor.
Capital utilisation
Mercanis says it will use the funds for product development, focusing on AI integration within the Procurement Suite. Large Language Models (LLMs) aid contract analysis and autonomous procurement.
The company also seeks to expand its customer base through targeted marketing, AI-driven customer insights, and sales forecasting. The allocation of funds will balance AI development, product innovation, and go-to-market strategies for well-rounded growth.
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