Finance & Economics

CADDi Raises $89 Million to Expand Procurement Platform and Cloud Service

CADDi has announced that it has managed to raise investment funds for $89 million following the results of the Series C financing round.

CADDi Raises $89 Million to Expand Procurement Platform and Cloud Service

The company intends to spend the received financing on the implementation of solutions for the manufacturing sector. The firm will use the investment funds to improve its platform for purchasing CADDi Manufacturing spare parts and to update the cloud service for managing CADDi Drawer drawing data. The relevant information is contained in the press release, which was published by the company last Wednesday, July 5.

The firm declares its desire to rapidly expand the scope of activities within the framework of the mission to unlock the potential of partners, customers, employees, and all organizations involved in the production process.

The company’s current development concept provides not only for the improvement of technology but also for the expansion of its presence outside Japan, which is still the main geographical area of the firm’s business. As part of the movement towards this goal, the company has created a division in the USA and a supplier department in Mexico. The firm’s press release contains information that by the end of this year the number of employees of the American office will increase to 100 people.

After the last round of financing, the company’s total capital reached $164 million.

Industry studies indicate that there is currently an increase in the number of companies that are taking measures to improve their procurement systems. During the coronavirus pandemic, the manufacturing sector faced serious disruptions regarding the supply of raw materials and hard goods. This experience eventually forced industry representatives to improve procurement processes and invest significant funds in relevant projects.

A special survey was conducted in the USA, which revealed that 42% of enterprises have already allocated funds for the modernization of purchasing technologies, and another 44% plan to do so.

In June, PayEm announced that it had integrated its global expense management and purchasing platform with American Express. This cooperation allows holders of American Express and Business Card corporate cards to use the PayEm account and platform to create and distribute virtual means of payment.

Also in June, Corcentric, which deals with procurement and billing solutions, raised $315 million in capital. The company intends to use these funds for the overall growth of the business and support solutions for managing accounts receivable. Matt Clark, President, and Chief Operating Officer of the firm, said that the capital will contribute to development and will allow achieving the goal of providing individual attention to each client.

As we have reported earlier, SoftBank Backs Robot Startup.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.