The AI-powered procurement platform Zip has secured a substantial investment of $190 million. This Series D funding round was led by BOND Capital. US-based Zip’s investment round also included other notable participants such as DST, Adams Street Partners, Alkeon Capital, Y Combinator, and Charles River Ventures.

The company announced that it plans to use the new investment to accelerate research and development, enhance its AI-supported procurement solutions, and expand into international markets.

Founded in 2020 by Lu Cheng and Rujul Zaparde, Zip primarily automates purchasing processes. It offers a single platform for users to manage the entire procurement lifecycle. Businesses can track all their purchasing transactions through this platform. The AI technology developed by Zip extracts data from documents, reducing the need for manual processing. This not only saves time for users but also minimizes the risk of errors.

Zip enables businesses to identify risks in contracts, helping them mitigate third-party risks. This capability allows organizations to make more informed decisions regarding security and compliance. The platform also facilitates the organization and management of supplier information, allowing businesses to easily track supplier data and contracts.

By accelerating procurement cycles, Zip helps companies better control their spending. The platform allows teams to collaborate in real-time during the procurement process, ensuring that all stakeholders are informed during approval stages.


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