Simfoni Raises $3M to Accelerate US Expansion of Its Spend Analytics and Spend Automation Platform
Simfoni, a global innovator for Analytics and Spend Automation, announced it has raised $3m in Series A financing led by BOOST&Co. Simfoni’s Analytics deploys machine learning to harmonize and auto-classify complex data. It also offers an award-winning spend automation platform that uses artificial intelligence to automate buying. After 4 years of 100% y-o-y growth, Simfoni is poised for even more growth. This funding will also help extend development of artificial intelligence capability.
Simfoni has established itself as a technology innovator in the field of Spend Analytics and Spend Automation. It works with leading enterprises globally and partners with consultancy firms, GPO, BPO and private equity organizations to deliver spend visibility, cost reduction assessments and risk management. Simfoni operates from regional headquarters in Chicago, London and Dubai.
Its Analytics platform deploys state of the art machine learning to harmonize and auto-classify large and complex data more accurately and much more quickly than was previously possible. The Artificial Intelligence powers out-of-the-box performance measures (KPIs & Benchmarks) on cost, risk and process optimization and delivers insights using beautiful visualization within pre-configured dashboards & proactive alerts.
Simfoni also offers an innovative and award-winning spend automation platform that uses machine learning to automate the process of buying for tactical and occasional spend. It combines an out-of-the-box marketplace of the most common items with a requisitioning tool that leverages the analytics to predict product requirements and identify suitable vendors. Ideal for use in tail-spend management, the platform cuts the long tail of vendors, reduces process and purchase costs and supports vendor diversity and other CSR objectives.
The cloud-based SaaS solutions are also offered through a disruptive subscription-based commercial without the licensing and implementation fees associated with traditional procurement technology.
“I am absolutely delighted to have secured Venture Debt through BOOST&Co,” commented Simfoni Executive Chairman, Chirag Shah. “BOOST&Co stands out as a venture debt financier that is truly global in outlook and that is a perfect fit for us given Simfoni’s global profile as well. We’ve known them for some time which really helps since they understand our business and how we operate. Of course, the criteria to qualify for Venture Debt is much higher than for Venture Capital - requiring technology companies to have not just strong growth but a demonstrable runway to profitability. I am extremely proud of the Simfoni team, and in particular our senior management in successfully managing against both these criteria.”
Stefan Dent, Simfoni CEO Spend Automation added, “We’ve just closed our 4th year of consecutive 100% year-on-year growth and recognize that Simfoni is now at an inflexion point poised for even greater growth as our products really start to become established in the market. This funding will help us increase brand awareness and ensure that Simfoni is front of our customers’ minds when seeking procurement analytics, cost reduction or spend management solutions. Importantly, funding will also accelerate development of our artificial intelligence capability as we seek to further extend the scope of spend automation activities.
"I would like to thank all our customers for their continued support and much appreciated feedback."
“We have been really impressed by Simfoni’s ability to deliver rapid cost reduction opportunities for its customers. The customer feedback we received was amongst the best we have ever heard and Simfoni’s growth demonstrates the fact that their products are quick to deploy and are loved by their customers. It is a very experienced team whose track record repeatedly establishes market leadership through innovation,” said Lauren Couch, Principal at BOOST&Co. “We also like how the business is run with an experienced management team and an amazing global presence achieved in a short space of time.”
Simfoni provides spend analytics and spend automation products to leading global enterprises. Products employ machine learning and artificial intelligence to accelerate and automate key aspects of the procurement process, saving customers both time and money in the process. Based in USA, Europe and Middle East, Simfoni works "in harmony" with its customers and their vendor community to improve vendor diversity and other CSR objectives.
BOOST&Co is a UK-based independent asset manager specialising in growth-lending solutions for UK SMEs. It has offices in London, Manchester, Bristol, Cambridge and Cape Town. Its funds come from large pension funds, as well as insurance companies.