Omnea is a company making waves in the world of procurement with its innovative AI-driven platform designed to streamline the procurement intake and orchestration process. Recently, the company has raised $50 million in Series B funding. This funding round was led by prominent investment firms such as Insight Partners and Khosla Ventures, with significant contributions from Accel, Point Nine, First Round Capital, and Prosus. With this latest round of financing, the total funds raised by Omnea have surpassed $75 million. And this boost will help advance its goal of creating a new era of supplier relationship management powered by artificial intelligence.
The announcement of this funding comes after an incredible year of growth for Omnea. In just the past twelve months, the company has quintupled its revenue and more than tripled its workforce. This rapid expansion includes adding several high-profile enterprise clients to its portfolio across North America and Europe. Notable names like Spotify, Albertsons, Wise, Adecco, and MongoDB have come on board as new customers. The funding will be used further to enhance Omnea’s AI-powered Supplier Relationship Management capabilities and to accelerate the company’s hiring efforts in both the United States and the United Kingdom.
The growth of Omnea is particularly timely, as businesses of all sizes face increasing financial pressures. These pressures stem from rising interest rates, escalating costs, and a changing regulatory landscape. At the same time, companies are managing a greater number of suppliers than ever before, as different departments utilize diverse technology providers, consultants, and third-party services. This is fueled by the growing prevalence of artificial intelligence in the business landscape.
As procurement sits at the crossroads of these challenges, it has become crucial for organizations to maintain control over spending while continuously evaluating and mitigating the risks associated with various suppliers. Despite its strategic significance, procurement processes remain vastly underserved by current software solutions. They often rely on outdated methods that can make procurement appear slow, tedious, and primarily administrative. Omnea aims to change this perception and enhance the strategic importance of procurement by expanding its capabilities.
Since its inception in 2022, Omnea has been focused on enhancing the efficiency of the procurement process. The platform is designed to benefit procurement teams, employees, suppliers, and various stakeholders, including those in finance, risk management, IT, and legal departments. Omnea creates a user-friendly interface that allows employees to submit requests in simple, natural language. Additionally, it orchestrates workflows to ensure appropriate stakeholder engagement and acts as a comprehensive source of truth for every supplier involved with the business.
With the recent influx of funds, Omnea is prepared to take significant steps toward its vision of AI-powered Supplier Relationship Management. This vision is grounded in a single, reliable source of vendor data that is continually updated through a sophisticated two-way orchestration layer. This layer integrates seamlessly with the entire financial technology stack, enabling real-time access to the most accurate information.
The company’s rapid progress can be attributed to its focus on maintaining a team of highly talented individuals who are rigorously selected for their skills and expertise. Shortly after launching, the founder of Omnea brought on board experienced executives who had previously played critical roles in scaling Tessian, a cybersecurity innovator that was successfully acquired. Together, they aim to bring forth a transformative competitive advantage in the traditionally outdated world of procurement, ensuring that Omnea not only meets current demands but also anticipates future needs in this dynamic field.
KEY QUOTES:
“Of the many players we looked at in the market, Omnea had the happiest customers out there. The company uses AI to deliver a modern, seamless procurement process that helps employees get the suppliers they need in a quick and compliant manner. From disruptive tech companies to Fortune 500 giants, Omnea’s customers are saving millions of dollars a year by reducing duplicative and underutilised suppliers. We are thrilled to partner with the Omnea team in this next chapter of growth.”
Jeff Lieberman, Managing Director at Insight Partners
“Omnea’s AI capabilities and workflow automation can replace fragmented systems, endless email threads, and manual spreadsheets. This enables the possibility of a single source of truth for every request, review, and risk check, while also getting rid of the manual busywork that slows procurement teams and the rest of the business down.”
Ben Kung, VP Finance at Spotify
“Businesses hold a treasure trove of supplier data, but its value is locked away in spreadsheets, inboxes and siloed point solutions. Our AI SRM platform unlocks that data at every level of the organization: proactively flagging expired certifications for risk teams, launching RFPs for procurement, and delivering relevant reports to CFOs—all through a modern, intuitive interface.”
Ben Freeman, Omnea Founder and CEO
“AI is reshaping how work gets done inside large enterprises, especially in outdated areas like procurement. Omnea is the first full AI supplier relationship management platform, automating everything from sourcing and onboarding to tracking performance and risk, to turn procurement from an administrative burden into a growth driver.”
Vinod Khosla of Khosla Ventures
