ORO, a modern enterprise software platform that helps orchestrate end-to-end procurement across teams, announced $25 million in Series A funding co-led by Norwest Venture Partners and B Capital, with participation from XYZ Venture Capital and additional funding from Array Ventures and other investors. ORO was founded by three former product leaders at SAP Ariba to bridge the disconnect between the modern enterprise’s need for agile, decentralized purchasing and the requirement for controls and compliance checks. The funding will be used for hiring across all roles to accelerate delivery and deployment of the company’s recently announced Smart Procurement Workflows.
The result is ORO’s Smart Procurement Workflows, and funding is already being used to expand how organizations can apply these robust workflows to improve procurement and supplier efficiency. A top pharmaceutical company has adopted one of these workflows to manage its global source to pay process for supplier payment updates. That new workflow automates data flow across multiple systems and applies a sophisticated risk model to ensure consistent execution of needed reviews and approvals across multiple geographic teams. The result is a streamlined, auditable process that reduces risk and ensures compliance.
Modern companies are decentralized and move fast. The need for speed conflicts with controls and compliance checks. The adaptable, composable workflows in ORO deliver agility and transparency to:
- Provide an incredibly easy-to-use procurement front-end for business users.
- Bring clarity and visibility into the end-to-end process for all stakeholders.
- Reduce the time and manual effort to onboard and work with suppliers.
- Give budget owners and finance view into up to date spend pipeline and commitments.
- Scale operations to meet legal, compliance, finance and regulatory requirements.
ORO’s Smart Procurement Workflows are already deployed with mid-market and enterprise customers, including Optimizely, Iovance Biotherapeutics and others.
Procurement can be easy and efficient for all employees. To learn more about how ORO’s Smart Procurement Workflows make it happen. https://www.orolabs.ai/