Cork-based AI start-up Keelvar has raised $24m in a Series B funding round, to help scale its growth in the US and expand its supply chain software to different sized businesses.

The funding round was led by venture capital firm 83North, along with participation from existing investors Elephant, Mosaic Ventures and Paua Ventures. Celonis Co-CEO Bastian Nomichacher joined as a minority investor in this round.

The latest funding round brings the total capital raised by Keelvar to $43bn. The University College Cork spin-out had a significant boost in 2020, when it raised $18m in a Series A funding round.

Keelvar designs AI supply chain software to help companies identify reliable suppliers, control costs and make smart sourcing decisions to help drive their business objectives.

The AI technology compares various supply sourcing scenarios to guide businesses toward the best decision for their supply chains. Some of Keelvar’s clients include Coca-Cola, Nestle, Samsung and Tesco.

“We see an immense opportunity to alleviate economic and supply chain bottlenecks by making the sourcing process easier, faster and more intelligent,” Keelvar CEO Alan Holland said today (16 May). “Our technology fundamentally changes what’s possible by offering a new approach to intelligent automation and optimisation.”

The Series B funding follows a period of rapid growth for the Cork-based start-up, which increased its headcount by 200pc since the start of 2021 and its annual recurring revenue by 113pc last year.

While headquartered in Cork, the company has offices in Dublin, Dallas, Pittsburgh, London and Berlin.

The company plans to provide new products and services for large enterprise and mid-market businesses. Keelvar also aims to use the investment to scale further in the US, where it says the demand for intelligent sourcing options is rapidly increasing.

“Enterprises were blindsided when the pandemic shut down the global supply chain,” 83North partner Philip Chopin said. “As issues persist and show no sign of relenting, c-suites are finally recognising that intelligent automation is a must-have.

“Keelvar is revolutionizing how procurement is done and we are excited to be part of its success in the years to come,” Chopin said.

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