SwiftScale Selections is a monthly feature of 5 fast-growth, EnterpriseTech startups doing good stuff in a particular vertical.

In the last few months we’ve explored exciting EdTech, DevOps and FinTech startups. For October, we’re taking a look at Procurement Tech.

Any Chief Procurement Officer who identifies and procures well is sure to see their enterprise gain a critical advantage over their competitors. A need for transparency, advances in AI and machine learning with an abundance of untapped data, political risk and uncertainty; these are just a few examples of challenges and opportunities facing CPOs in the present day.

Luckily for them, these are also opportunities that scaleups are diving head-first into, so here’s a look at 5 startups that we think are doing a good job of it.

Peak AI – Everything your business needs to succeed with AI

UK-based, 2014 founded, £9.0m raised, 101-150 employees

Where’s the good stuff?

They’ve raised £9m to date with investors including MMC Ventures and Praetura. Winner of GP Bullhound’s ‘Judges’ innovation Award’ at the Northern Tech Awards in 2018, Peak is one of only three UK businesses to gain AWS ‘Machine Learning Competency’ status. Having recently announced an 8400% return on ad spend for Footasylum, Peak are helping their clients, including ASOS, EOn, GSK, PepsiCo and The Economist, succeed with AI.

What do they do?

Peak’s Artificial Intelligence System is a centralised system of intelligence – powering decision making and processes by using data to drive a competitive advantage.

No matter how siloed data is, Peak can connect to all supply chain, customer and transactional datasets to deliver the most accurate AI solutions for clients. Adding a layer of intelligence to warehouse and logistics operations, Peak enables businesses to optimise processes so they can maximise fulfilment at the lowest cost.

Vizibl – Powering the future of enterprise growth

UK-based, 2013 founded, $4.0m raised, 11-50 employees

Where’s the good stuff?

They recently announced a $4m Series A round led by Seneca Partners, and their list of Seed investors includes the likes of Force Over Mass Capital and Local Globe. They keep their cards close to their chest when it comes to customers (other than their work with Vodafone) but they count 4 of the top 10 pharma companies in the world as customers.

What do they do?

By delivering a simple, scalable process, Vizibl enables companies to realise growth and speed from their partner relationships.

Vizibl is a leading cloud platform enabling organisations to drive growth over peers through Supplier Collaboration & Innovation (SC&I). By bringing procurement, stakeholders and suppliers onto the same platform, Vizibl underpins all aspects of innovation for enterprises, helping them manage their innovation and procurement lifecycle.

riskmethods – The intelligent way to manage risk

Germany-based, 2013 founded, $24.3m raised, 101-150 employees

Where’s the good stuff?

They raised their €13.5m Series B back in 2017, backed by a strong investor base including Point Nine Capital, Bayern Kapital and EQT Ventures. With a large range of enterprise clients, including the likes of Bosch, Telekom Systems, Huawei, Leica and McGraw-Hill, they are helping customers to increase early risk detection by 85% and allowing them to respond to supply chain disruptions up to 36 hours faster than before.

What do they do?

In a world of increasing pressures and threats, there are all kinds of reasons why supply chain risk management is becoming more and more important.

riskmethods’ cloud-based software empowers businesses with a solution to proactively identify, assess and mitigate global supply chain risk through the use of AI. They help automate and accelerate threat detection, enabling companies to gain a competitive advantage with a well-managed approach to meeting customer demands, protecting reputation and reducing total cost of risk.

KeelvarWelcome to the strategic sourcing revolution

Ireland-based, 2012 founded, €750k raised, 11-50 employees

Where’s the good stuff?

Named a Gartner Cool Vendor in 2018 and recently announced winners of ‘Smart Technology Innovation Award’ at the Tech Leaders ’19 Awards, Keelvar has a long and distinguished list of companies (such as ABF, Coca Cola, Inditex, Energizer, DSV & Siemens) using their technology to optimize $90bn+ in spend annually in categories that include logistics, packaging, materials, temporary labour and others.

What do they do?

Using advanced algorithms and AI-enabled automation, Keelvar helps those sourcing goods and services to apply best practice to managing RfQs and auctions. Their sourcing optimisation facilitates expressive bidding, early & accurate error detection in data collection and rich scenario analysis to assess trade-offs between cost and non-cost goals such as speed of supply, robustness of a supply chain and selective switching from incumbents.

Keelvar is taking things to the next level with sourcing automation for repeatable excellence, agility and speed. Cutting-edge procurement teams can automate sourcing processes and build intelligent systems for triggering sourcing events and executing bid events using Autopilot. This is a new architectural construct with deep foundations for normalised data storage, machine learning, bot skills and asynchronous infrastructure for scale.

ScoutBeeSmarter supplier discovery

Germany-based, 2015 founded, $15.5m raised, 51-100 employees

Where’s the good stuff?

They raised a $12m Series A round back in June from existing investors Holtzbrinck Ventures, 42Cap and Toba Capital, bringing total funding to $15.5m. Recognised as a ‘Highly Commended Procurement Technology‘ amongst 12 other nominees in their category at the World Procurement Awards 2019, their existing clients include Airbus, Audi, Bosch and DMG MORI.

What do they do?

Scoutbee enables more confident buying decisions through deeper supplier insights and greater transparency. Their marketplace hosts more than 9.5 million suppliers and 4 billion data sets on trade flows. Ultimately, this enables enterprise customers to find the right supplier with the right product, in a couple of weeks, not months.

Every 10 weeks, Scoutbee analyses up to a terabyte of supply chain data, sussing out the relationships amongst more than 14 million companies, their customers and over 3,400 OEMs globally. Audi, for example, discovered 329 potential clients compared with the 38 found through traditional channels, saving 68% and cutting scout-to-source time significantly.