Highlights:

  • Omnea provides an artificial intelligence platform designed to assist enterprises in procuring software and other services from their suppliers more efficiently.
  • Omnea states that its platform can automatically populate information like pricing and renewal dates into a purchase order, minimizing manual data entry.

Recently, procurement software startup Omnea secured USD 25 million in funding across two rounds.

The most recent investment, a USD 20 million Series A funding round, was led by Accel. It also featured contributions from First Round Capital and Point Nine, which had previously supported a USD 5 million seed round for Omnea. Additionally, the software company has the backing of former executives from Stripe Inc., Asana Inc., and Workday Inc.

London-based Omnea provides an artificial intelligence platform designed to assist enterprises in more efficiently procuring software and other services from their suppliers. The platform features a chatbot that allows employees to search for products using natural language queries. For instance, a user might ask Omnea for a list of marketing tools that can help monitor the performance of ad campaigns.

Upon receiving a procurement request, Omnea searches an enterprise’s supplier database for potential matches. It assesses whether any of the listed companies offer a suitable product. According to Omnea, this approach helps users avoid onboarding new suppliers unless absolutely necessary, thereby saving time and effort.

Before finalizing a purchase decision, enterprises need suppliers to prove that they have robust cybersecurity and regulatory compliance measures in place. For instance, a company looking to buy a data analytics tool may want to verify that the tool’s developer complies with GDPR. Procurement teams gather the required information by sending questionnaires to prospective suppliers.

Omnea offers an AI feature that automatically determines the necessary questionnaires for a specific supplier. Additionally, the platform evaluates the responses to relieve employees of the burden. Omnea compiles a summary of each identified issue and visualizes the associated risk levels of a potential purchase through graphs.

The company also claims to simplify several related tasks. According to Omnea, its platform can automatically populate information like pricing and renewal dates into a purchase order, thereby minimizing manual data entry.

When a supplier contract is nearing expiration, Omnea sends an alert to help procurement teams prevent missed renewals. Furthermore, the platform gathers product feedback from the team utilizing the offering up for renewal. This feedback enables procurement professionals to pinpoint opportunities for negotiating better terms with the supplier.

“Finance and procurement leaders are fed up with seeing duplicative suppliers, missed renewals, and manually managed procurement processes. Omnea is meeting a critical need for companies of all sizes to get full control over their suppliers – not just in terms of spend, but also through the lens of information security and governance,” said Ben Freeman, Co-founder and Chief Executive Officer.

Omnea reports that its Series A funding round came after a year in which its revenue increased eightfold. The company’s customer base now includes prominent tech firms like McAfee Corp. and Proofpoint Inc., a cybersecurity provider that was taken private for USD 12.3 billion in 2021.