German startup scoutbee that applies AI to digital strategic purchasing has raised a $4 million funding round led by HV Holtzbrinck Ventures and 42CAP. The company plans to use the money to expand to the US and open an office there.
scoutbee's product is a digital supplier platform, which is supposed to make the networks of suppliers more transparent. Customers can use a global search engine to find the right suppliers and digitise the tendering process. The startup's machine learning algorithms help collect and aggregate records, automatically create suppliers' profiles, and categorise them.
"With scoutbee, we have developed a platform that provides entrepreneurs with transparent and centralised access to their own supply chain and thus digitizes strategic purchasing," said Gregor Stühler, co-founder of scoutbee.
Founded in 2015, the startup claims to have already reached “seven-digit sales figures.” Its clients include Audi and Bosch Rexroth, the startup stated in a press release.
In the photo: the team of scoutbee