Berlin-based procurement solutions start-up Mercanis has raised a $10 million Seed round to continue R&D for its AI-powered procurement platform as the company expands its team and gains further customer growth.
Mercanis was founded in 2020 by Fabian Heinrich and Moritz Weiermann and counts Linde, Wilson, Frutiger, and Hypoport amongst its client list availing of its suit of products which use data insights and AI to make purchasing decisions and interact with service providers – its software uses large language models (LLMs) in contract analysis and autonomous sourcing.
"Our solution delivers cost and time efficiencies, while also offering a robust defence against risks for our clients," says Heinrich and Weiermann.
The funding round was led by Signals VC, DI Technology, and Speedinvest and includes angle investment from Dr. Ulrich Piepel, Dr. Marcell Vollmer, Mirko Novakovic (Instana) and Victor Jacobsson (Klarna).
"Given the macro challenges and the centre stage role procurement is supposed to take today, there is no other software platform trying to solve this issue as they are. Not only with their combination of process automation, predictive analytics and AI, but more importantly with its suite approach, Mercanis delivers a unique compounded product value to its customers," says Dr. Daniel Kirchleitner, General Partner, Signals VC.