Artificial intelligence (AI) and machine learning tools have become indispensable to fuel procurement and sourcing efforts at the Atlanta-based global beverage leader, according to Brett Fultz, director of global analysis, global procurement and supply chain at Coca-Cola. For any company that manufactures or sells goods, buying and sourcing are integral functions of supply chain management. Sourcing, an early stage of the buying process, is about identifying and assessing potential suppliers of goods or services, negotiating terms, and selecting vendors. Procurement, however, goes further, and is about getting supplies and payment from suppliers who compete for business by submitting bids and negotiating contracts. But challenges abound in a supply chain landscape full of constraints and risks - from issues related to the COVID-19 pandemic and the war in Ukraine to climate change.

Keelvar, a global pioneer of intelligent sourcing and automation solutions, announced it has raised $24 million in Series B funding to simplify and radically improve procurement, the world's most inefficient trillion-dollar marketplace. Keelvar's sourcing technology – which leverages AI, data science and smart sourcing bots that run on autopilot – empowers customers to make crucial supply chain decisions quickly and confidently amidst ongoing change and disruption. Costs are out of control, capacity is scarce and disruptions are everywhere. This dynamic makes it incredibly difficult for buyers and suppliers to remain agile, manage risk and strike deals" The investment – which brings Keelvar's total capital raised to $43 million – was led by 83North. Series A investors Elephant, Mosaic and Paua doubled down on their investment. Bastian Nomichacher, the co-founder and co-CEO of Celonis, also joined as a minority investor. Keelvar's Series B builds off a period of rapid growth and expansion for the company, which increased its headcount by 200% since the start of 2021 and grew ARR by 113% last year. Costs are out of control, capacity is scarce and disruptions are everywhere. This dynamic makes it incredibly difficult for buyers and suppliers to remain agile, manage risk and strike deals," said Alan Holland, founder and CEO of Keelvar.