SAN FRANCISCO–(BUSINESS WIRE)–ORO, a modern enterprise software platform that helps orchestrate end-to-end procurement across teams, today announced $25 million in Series A funding co-led by Norwest Venture Partners and B Capital, with participation from XYZ Venture Capital and additional funding from Array Ventures and other investors. ORO was founded by three former product managers at SAP Ariba to bridge the gap between the modern enterprise’s need for agile, decentralized purchasing and the requirement for controls and compliance checks. The funding will be used for hiring in all roles to accelerate the delivery and deployment of the company’s recently announced smart procurement workflows.
ORO founders Sudhir Bhojwani, Lalitha Rajagopalan, and Yuan Tung leveraged their deep experience building enterprise procurement products at SAP Ariba to gain a unique perspective: the spend pipelines of today are very different from the commodity-based systems of the past. This shift required a fundamental rethink of how procurement workflows should empower employees and facilitate integration and collaboration with suppliers.
The result is ORO’s smart procurement workflows, and the new funding is already being used to expand how organizations can apply these robust workflows to improve procurement and supplier efficiency. A leading pharmaceutical company adopted one of these workflows to manage its overall source to pay process for supplier payment updates. This new workflow automates the flow of data across multiple systems and applies a sophisticated risk model to ensure consistent execution of necessary reviews and approvals across multiple geographic teams. The result is a streamlined, auditable process that reduces risk and ensures compliance.
“No one has a better idea of the gaps in today’s enterprise procurement systems than the founders of ORO,” said Sean Jacobsohn, partner at Norwest Venture Partners. “Their in-depth experience has given them a unique understanding of pain points and a clear vision of how to solve the problem modern businesses face when they need to acquire non-standard items or services. We’re always looking for that innate fit to the founders market, and there’s nothing better than triple threat at ORO.
According to Gabe Greenbaum, general partner at B Capital, “There is a tremendous opportunity in supplier and procurement management software. ORO brings real innovation to the way companies manage their spend pipelines and their commitments to their suppliers, which is essential for decision-making and resource allocation initiatives. We were impressed with ORO’s vision and the impact of the products on Fortune 1000 customers and beyond, in such a short time.
Noted Ross Fubini, Founder and Managing Partner of XYZ Venture Capital, “ORO enables business users to work quickly with their vendors and vendors, while adhering to compliance and smart workflows defined by procurement and legal teams. The team fully understands the pain points of these two stakeholders and the shortcomings of legacy solutions.”
Modern businesses are decentralized and evolve rapidly. The need for speed conflicts with controls and compliance checks. ORO’s adaptable and composable workflows provide agility and transparency for:
Provide an incredibly easy-to-use provisioning interface for business users.
Bring clarity and visibility to the end-to-end process for all stakeholders.
Reduce manual time and effort to onboard and work with vendors.
Give budget and finance managers a view of the spend pipeline and up-to-date commitments.
Scale operations to meet legal, compliance, financial, and regulatory requirements.
ORO’s smart sourcing workflows are already deployed to midsize and enterprise customers, including Optimizely, Iovance Biotherapeutics and others.
“ORO gives us a flexible solution to manage front-end procurement processes, including new procurement requests, supplier onboarding and compliance checks,” said Andy Shigo, Procurement Manager at Iovance Biotherapeutics. “This will result in a more efficient and compliant process that will drive cost savings and other value to our business.”
Procurement can be simple and efficient for all employees. To learn more about how ORO’s smart procurement workflows achieve this, click here to schedule a demo today.
About the BRO
ORO’s Purchasing Automation Platform dramatically improves traditional procurement operations by keeping the company’s chaotic spend on critical purchases and supplier commitments under control. ORO’s intelligent procurement workflows help organizations increase business agility by making it easier for employees to start, manage, and build supplier relationships. ORO is founded by former SAP Ariba product managers (Sudhir Bhojwani, Lalitha Rajagopalan and Yuan Tung); To learn how ORO helps organizations respond faster to business needs and market conditions, visit www.orolabs.ai.