PALO ALTO, Calif.--(BUSINESS WIRE)--Globality, the market leader in AI-driven sourcing and procurement, announced today that it raised $47 million in a Series D-1 and Series D-2 preferred stock offering. The 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.
Founded almost ten years ago as a native AI company to revolutionize 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 reduce costs by 10% – 20% across all their spend, while capturing 60% – 90% operating efficiencies and achieving better business outcomes.
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.
“All CFOs are looking at how AI can best be deployed to lower costs and capture efficiencies,” said Joel Hyatt, Globality’s Co-Founder and CEO. “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it is an enormous business function directly impacting the bottom line that utilizes decades-old analog processes and outdated technology.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.”
Globality was named Best Technology Provider at this year’s World Procurement Awards – the industry’s Oscars – and, earlier this month, was the only autonomous sourcing platform included in the prestigious Spend Matters 50 to Know list.
“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,” added Hyatt. “And we are grateful for the continued support of our shareholders and stakeholders.”
About Globality
Globality was founded with a simple but lofty goal: to use AI to transform enterprise spending into a smarter, fairer process, and create more efficient, inclusive markets around the globe. Globality has spent nearly a decade building an AI-first solution that empowers enterprises to spend smarter. www.globality.com
