October 19, 2023: More money for AI
A new episode of Quick Takes, Procurify's latest $50m deal, the future of voice technology, and potential trends to watch
Quick Take: Procurify shows there’s always money for AI
image courtesy of ideogram.ai
Procurify Raises $50M USD for AI Expansion - here’s why it’s important for you:
What is Procurify?
Vancouver's Procurify has secured $50 million in funding, led by Ten Coves Capital and Export Development Canada.
Procurify is a company known for its user-friendly procurement software, streamlining various processes like compliance, approval, and invoice reconciliation to provide real-time spend control.
What else is unique about this?
Beyond its impressive year-over-year growth, Procurify's emphasis on AI-driven tools in its announcement is noteworthy. These tools use AI to detect anomalies in purchase orders and invoices, aiming to enhance procurement efficiency and cost savings.
This development suggests that established companies are increasingly highlighting AI capabilities in funding announcements, reflecting the growing importance of AI in purchasing decisions.
The key takeaway is that, while AI fundraising may no longer be novel, AI's value in delivering economic returns and product improvements remains relevant in the short term.
Notably, Procurify's steady growth over eight years, built without excessive hype, showcases the viability of gradual, sustained growth as the preferred approach for start-ups.
Want to hear more of this story and others from the past week? The latest episode just dropped! Listen here
Reply to this email and let us know your takes, and what you’d like to hear about on a future episode
Partner Content: Volley
Case Study: A Canadian B2B startup with 2 sales reps was launching 1,000s of templated email campaigns to potential customers monthly. This process led to poor deliverability, low response rates, and a lot of annoyed responses from prospects.
Personalizing every email simply wasn’t realistic. It was a time-consuming bottleneck, taking 5-10 minutes per contact when done right. With Volley, it’s possible to have high outreach volume without sacrificing high-quality research and personalization.
The Volley platform gives you:
Relevant & personalized messages for every contact
Unique research sources: online reviews, open jobs, social media posts, recent news, etc...
Integration with email sequencing tools (e.g., Instantly.ai).
1:1 support from our Lead Generation Experts
Special offer for the TechTO community: Get an additional 2,000 contacts with any of our product plans!
Book a call here!
*this is sponsored content
Reads & Opportunities
A goldmine or a mindfield? Another perspective on the Canadian AI sector
Potential tech trends to start preparing for
What this Founder learned from his almost $800m exit
The Sound of the Future: The coming age of voice technology
Do you like our new format?
Want to showcase your company, events, and opportunities to 60,000+ subscribers across the Canadian Tech Eco-system? Reach out to [email protected] to learn more