Cork-based Keelvar, a supply chain automation software, has raised $18 million in Series A funding led by Elephant and Mosaic Ventures with participation from Paua Ventures. The Irish company plans to expand across Europe and into the US.
Keelvar has developed AI-enabled ‘sourcing bots’ to automate tactical buying processes, specifically sourcing and procurement. The Irish startup says it manages over $90 billion in annual spend for enterprises and blue-chip companies such as Siemens, Coca-Cola, Novartis, BMW and Samsung — and that COVID-19 is acting as a “catalyst” in the supply chain automation space. “We have witnessed an escalation in demand from enterprises seeking intelligent systems to automate complex processes as teams became overburdened with disrupted supply chains,” said Alan Holland, the company’s CEO. “Now it’s time to hit the accelerator and scale up.”
Keelvar will invest in R&D and grow the team, filling new roles in engineering, artificial intelligence/machine learning, product development, professional services, design, sales and marketing.
Photo: Keelvar team