Arkestro Receives Major Funding to Propel Predictive Procurement Technology Forward

Arkestro Secures $36M Investment to Innovate Predictive Procurement

Arkestro, a leader in predictive procurement technology, has successfully secured a significant $36 million investment led by Altira Group and Aramco Ventures. This funding aims to accelerate the company's growth and bolster its innovative AI-powered procurement platform, which is designed to transform enterprise spending and enhance operational efficiency.

Founded with the vision of revolutionizing procurement practices, Arkestro's platform leverages the interplay of artificial intelligence, behavioral science, and game theory. This unique combination aims to streamline procurement cycles, improve supplier interaction, and achieve substantial cost savings; averaging around 18.8% savings for every $1 million spent. By harnessing its patented methodologies—Negotiation Science, Supplier Science, and Process Science—Arkestro empowers procurement teams to take a proactive approach, molding outcomes rather than merely reacting to suppliers' offers.

The investment marks a significant milestone for Arkestro, reinforcing its mission to help businesses unlock previously inaccessible savings while mitigating supply chain risks. With the backing from heavyweights in the oil and gas sectors, Arkestro looks poised to expand its impact and offerings within the market, providing advanced solutions tailored for enterprises navigating today's complex economic landscape.

J.P. Bauman, a partner at Altira Group and now a member of Arkestro's board, lauded the technological advancements fostered by Arkestro. He emphasized that the firm stands out for its practical application of AI, enhancing the capabilities of procurement professionals and elevating their role to that of strategic decision-makers. This partnership with Altira and Aramco Ventures aligns with Arkestro's goal to reinforce procurement as a revenue-generating function rather than merely a cost center.

In today's fast-evolving business environment, procurement teams face numerous challenges. Legacy processes often hinder timely decision-making and leave potential savings unrealized. Arkestro's innovative platform addresses these issues head-on, allowing organizations to harness the full potential of their procurement functions.

Arkestro's client portfolio is expanding rapidly, with numerous Fortune 500 companies across various industries—including manufacturing and energy—utilizing its predictive procurement technology. This strategic investment will not only enhance Arkestro's capabilities but also support its efforts to make significant strides in supply chain resilience and efficiency.

Rob DeSantis, CEO and co-founder of Arkestro, expressed enthusiasm about the investment's impact, highlighting the increasing demand for predictive procurement solutions that utilize advanced technology. He noted that, with the support of Altira Group and Aramco Ventures, Arkestro is well-positioned to broaden its influence and continue driving innovation within the procurement space.

Arkestro has earned recognition for its pivotal role in the industry, being listed as a Sample Vendor for Autonomous Sourcing and Autonomous Procurement in Gartner's 2024 Hype Cycle. This accolade underscores the company’s commitment to pushing boundaries and delivering high-value results through technology-driven approaches. As Arkestro continues to innovate and expand its footprint in the market, its impact on procurement practices promises to redefine how enterprises manage spending and supplier relationships for years to come.