DeepStream Secures £ 5.2 Million Series A Investment Led by Bereringa – UK Tech Investment News

DeepStream, an AI-driven platform that transforms the way buyers and suppliers communicate, raises £ 5.2 million in Series A

DeepStream’s digital workspace for procurement professionals allows companies to handle all “Request For Anything” (RFP / RFI / RFQ, etc.) processes in one place, resulting in a more sustainable supply chain. ..

DeepStream ((((, A cloud-based procurement platform that enables buyers and suppliers to communicate seamlessly has raised £ 5.2 million in Series A funding.

Venture capital across the Atlantic Bellingia Led the round with participation from Seed X Liechtenstein, Based in London Convicted VCWhen Portfolio venture..

Founded in London in 2016, DeepStream will use this funding to continue to provide best-in-class RFx platforms to companies such as Maersk, Britishvolt, and Xos Trucks, while at the same time truly promoting complementary use. Enlarge to the case. “Request something”.

This money will also be used to further develop AI applications such as DeepStream’s supplier recommended engine (similar to Spotify or Netflix algorithms). This engine presents buyers with compatible suppliers based on cost, efficiency, or, importantly, environmental, social, governance, and other criteria. (ESG). DeepStream buyers can make their supply chains significantly more environmentally friendly by finding, evaluating and selecting suppliers that share sustainable objectives.

Today, with a team of 15 technical experts, DeepStream supports more than 3,500 companies in the clean technology, renewable energy, logistics, Gigafactory, Green Steel, electric vehicles and construction industries. This technology dramatically improves procurement efficiency and limits human error. Users move from sourcing information to signing contracts within one secure digital workspace, with all communications (suggestions, document exchanges, price quotes, explanations, ratings, bids) in one collaborative manner. Migrate to a secure, auditable cloud application. This improves human decision making, increases process automation, reduces dialogue costs, and enables robust, manageable auditing.

Jack Macfarlane, Founder and CEO of DeepStream, commented:

“For a long time, procurement has been an opaque practice with older technologies such as email and ERP systems. We want to bring true visibility to our supply chain so we can analyze, compare and understand the suppliers used by our companies. We believe that without such transparency, procurement would be fully auditable and sustainable.

“Our business is currently achieving 800% year-over-year customer growth. This new financial support doubles our workforce, continues to innovate for our customers, and everything DeepStream contracts with each other. We are working towards our vision of being a reliable medium for exchanging information, so we will only accelerate it. “

Carrie Babcock, Berriea’s investment manager on DeepStream’s board of directors, commented: Instead of being content with clunky UI formats and overly normative workflows, the customers we talked to praised DeepStream’s ease of use, flexibility, delivery, and service. They have a really tenacious and creative team that is excited to help us. “

According to PYMNTS, US companies lose $ 600 billion annually due to inaccurate or missing data in making procurement decisions.

The procurement industry still relies heavily on outdated working methods (email, even pens and paper) that are inefficient and encourage human error. With email, important details can easily be lost, making information difficult and time consuming. In addition to this McKinsey Report The average professional spends 28% of his working hours a day reading and responding to emails, which is equivalent to 2.6 hours and 120 messages per day.

DeepStream solves these challenges by replacing your email inbox with an intuitive and user-friendly platform. DeepStream is RFx’s only digital solution designed to completely replace email as a communication medium, allowing users to spend less time on monotonous, management-intensive tasks that can be automated with digital technologies, including AI. .. According to internal data, DeepStream frees an average of two hours a day per procurement user when compared to email.

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DeepStream Secures £ 5.2 Million Series A Investment Led by Bereringa – UK Tech Investment News

Source link DeepStream Secures £ 5.2 Million Series A Investment Led by Bereringa – UK Tech Investment News

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