What does LightSource do?
LightSource leverages AI to transform procurement processes by automating RFX, sourcing new suppliers, tracking costs, and facilitating team collaboration. Its platform serves both buyers, by simplifying supplier discovery and RFQ management, and suppliers, by providing quick response opportunities and new avenues for sales growth.
How much did they raise?
The company secured $33M in funding with the round being co-led by Bain Capital Ventures and Lightspeed Venture Partners, marking a significant milestone in its journey to strengthen its market position.
What are their plans for the money?
With the new funding, LightSource plans to expand its operations and accelerate the development of its AI-driven procurement platform. This investment is expected to enhance the company's ability to streamline procurement processes and deliver greater value to both buyers and suppliers.
What have they achieved so far?
LightSource has already made strides in the procurement intelligence space by developing a comprehensive platform that effectively automates critical sourcing processes and facilitates better decision-making for its users.
