Omnea completes $50 million Series B funding round, advances AI procurement solutions
Omnea raised $50M in Series B to scale its AI-native procurement/SRM platform, led by Insight Partners and Khosla Ventures.
Omnea, a London-based company specializing in AI-driven procurement solutions, has successfully closed a $50 million Series B funding round. This latest investment brings the company's total funding to over $75 million, underscoring its rapid growth since its founding in 2022.
High-profile investors back Omnea's vision
The funding round was led by Insight Partners and Khosla Ventures, with additional contributions from Accel, Point Nine, First Round Capital, and Prosus.
Insight Partners, a global software investor with over $90 billion in regulatory assets under management, has invested in more than 800 companies worldwide, many of which have gone public. Khosla Ventures, based in Menlo Park, California, also participated in the round. The firm focuses on driving innovation across industries including artificial intelligence, healthcare, and enterprise solutions.
Expanding capabilities and global reach
Omnea plans to use the newly raised funds to expand its AI-powered supplier relationship management (SRM) capabilities. The company also aims to expand its workforce in both the US and UK as part of its strategy to maintain its hypergrowth trajectory.
Streamlining procurement processes with AI
Founded by Ben Freeman in 2022, Omnea offers a cutting-edge platform designed to simplify procurement processes for enterprises. The platform enables seamless collaboration between procurement teams and key business departments like finance, IT, risk, and legal, all through a unified system. Omnea centralizes vendor data into a single source of truth and leverages artificial intelligence to automate critical workflows, including RFP launches and risk assessments.
The platform is already trusted by prominent enterprises such as Spotify, Albertsons, Wise, Adecco, and MongoDB, highlighting its effectiveness in streamlining procurement operations.
A major milestone for AI procurement innovation
The successful closure of this Series B funding round marks a significant milestone for Omnea as it continues to modernize procurement processes through artificial intelligence. By leveraging its latest funding, Omnea is well-positioned to further solidify its role as a leader in the AI-powered SRM space.