Globality, a market leader in AI-based sourcing and procurement, announced that it raised $47 million in a Series D-1 and Series D-2 preferred stock offering. This offering was supported by the company’s existing preferred shareholders and new investors, including Rollins Capital, and brings the total capital raised by Globality to $356 million.
Launched almost ten years ago as a native AI company to transform how large enterprises manage spend, source suppliers, negotiate lower costs, and evaluate performance, Globality’s Fortune 500 customers include Fidelity, Santander, British Telecom, Tesco, IQVIA, T. Rowe Price, Invesco, Hewlett Packard, Dropbox, and Allegis Global Solutions.
By deploying Globality’s platform, companies are able to reduce costs by 10% – 20% across all their spend, while capturing 60% – 90% operating efficiencies and achieving better business outcomes. And Globality is the only sourcing technology built on proprietary domain-specific data, adaptive machine learning models tailored and continuously refined for procurement, and Gen AI that guides the user through an intuitive, interactive experience.
KEY QUOTES:
“All CFOs are looking at how AI can best be deployed to lower costs and capture efficiencies. Procurement is the low-hanging fruit because it is an enormous business function directly impacting the bottom line that utilizes decades-old analog processes and outdated technology.”
“Procurement leaders recognize that Globality’s AI-driven software delivers immediate, material benefits, putting an end to unmanaged spend and enabling the function to become a stronger business partner.”
“We are delighted with the market momentum for adopting state-of-the-art AI technology that enables companies to do more with less and empowers employees to perform better and add more strategic value. And we are grateful for the continued support of our shareholders and stakeholders.”
-Joel Hyatt, Globality’s Co-Founder and CEO
