Vertice raises $50M for its AI-powered SaaS spend platform

Quick Summary:

Lakestar, a new backer, is leading this Series C, with participation also from Perpetual Growth and CF Private Equity, as well as previous backers Bessemer Venture Partners and 83North, which co-led Vertice’s Series B almost exactly a year ago.

The startup has now raised around $100 million, and while it’s not disclosing valuation, Tuvey confirmed that it was definitely an upround on the “several hundred millions” of 12 months before.

In effect, the startup has built, along the lines of a Large Language Model, a “large software procurement model”, where the parameters are not facts and insights as laid out in natural language — but software usage.

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Article Details

Author / Journalist: Ingrid Lunden

Category: Technology

Markets: United StatesGeorgia

Topics: AI Expense management Procurement Software spend Enterprise Vertice Fundraising Spend optimization

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-22 @ 07:47:15 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 982 words

Reading Time: 6 minutes read

Sentences: 26 lines

Sentence Length: 38 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 25338694

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