Globality Secures US$47m to Propel AI-Driven Sourcing
Globality, a leader in AI-powered autonomous sourcing, has secured an additional US$47m in funding to drive its ongoing expansion.
It comes as Gartner finds interest in AI procurement use cases increased by 17 times in 2023 compared to the previous year.
The boost for Globality arrives through a Series D-1 and D-2 preferred stock offering, involving both existing shareholders and new investors such as Rollins Capital.
With this latest investment, Globality’s total capital raised stands at an impressive US$356m, continuing to fuel its growth in the competitive AI-driven procurement market.
Globality's impressive rise
Founded almost a decade ago, Globality set out with a clear mission: to harness the power of AI to make enterprise spending smarter and more efficient.
The company’s platform aims to revolutionise the way businesses manage their procurement processes. Its innovative technology is designed to help large enterprises not only save on costs but also streamline operations, source the best suppliers and improve business outcomes.
Globality’s vision is a future where enterprise spending is intelligent, equitable and effective.
Its platform is specifically engineered to eliminate inefficiencies in procurement processes, which have historically relied on outdated, manual methods.
Today, Globality's AI-driven platform supports a range of Fortune 500 customers, including major players like Fidelity, Santander, British Telecom, Tesco and Hewlett Packard.
These companies use Globality’s technology to reduce costs by 10% to 20%, while capturing as much as 60% to 90% in operational efficiencies.
The solution stands out in the marketplace because it combines predictive AI, which anticipates trends and potential needs, with generative AI, which helps users build more informed decisions by offering intuitive, interactive guidance.
The software also relies on proprietary data tailored specifically for procurement, meaning the technology continuously adapts and improves its performance.
Innovation drives efficiency and business value
“All CFOs are looking at how AI can best be deployed to lower costs and capture efficiencies," explains Joel Hyatt, Globality’s Co-Founder and CEO.
"Procurement is the low-hanging fruit because it's an enormous business function directly impacting the bottom line that utilises decades-old analogue processes and outdated technology.”
As one of the most integral business functions, procurement is directly responsible for managing a company’s costs and supplier relationships.
However, traditional procurement methods often involve cumbersome, manual processes that lead to unnecessary spending and delays.
Globality’s AI solution aims to solve these issues, enabling businesses to transition from unmanaged spend to optimised operations.
“Procurement leaders recognise that Globality’s AI-driven software delivers immediate, material benefits, putting an end to unmanaged spend and enabling the function to become a stronger business partner,” Joel adds.
A path paved with global recognition
Joel's view is backed up by the success Globality has seen in its customer base, as companies increasingly turn to AI to drive business transformation.
The company was recently named the “Best Technology Provider” at the World Procurement Awards.
It has also been honoured in our Top 10 Procurement Technology Companies list here.
Further cementing its reputation, Globality is the only autonomous sourcing platform to be featured on the prestigious "Spend Matters 50 to Know" list, recognising the top companies innovating in procurement.
"We're delighted with the market momentum for adopting state-of-the-art AI technology that enables companies to do more with less and empowers employees to perform better and add more strategic value," Joel continues.
"And, we're grateful for the continued support of our shareholders and stakeholders.”
Globality’s focus on AI-driven innovation has placed it at the forefront of a growing trend in digital transformation, especially in the procurement space.
The company’s trajectory of success reflects a broader movement across industries towards AI adoption, as businesses increasingly seek to harness technology to reduce costs and improve efficiency.
Since raising US$138m in a Series E round in 2021, led by major investors including Sienna Capital and SoftBank Vision Fund, Globality has continued to push the boundaries of what’s possible in procurement.
The company’s platform revolutionises the sourcing of B2B services, helping businesses to find high-quality suppliers faster and more effectively, while driving cost savings.
This latest financial boost will enable Globality to further expand its presence among US and European Global 2000 companies, enhancing its AI-powered platform to meet the growing demand for smarter, more efficient procurement solutions.
With AI now firmly embedded in many industries, Globality is well-positioned to continue its leadership in this space, bringing innovation and efficiency to enterprises around the world.
As Joel summarises: “The future of procurement is smarter, faster and more strategic – Globality is helping companies get there.”
Make sure you check out the latest edition of Procurement Magazine and sign up to our global conference series – Procurement & Supply Chain LIVE 2025.
Procurement Magazine is a BizClik brand.
