Arkestro Secures $36M to Supercharge AI-Powered Procurement Push
Arkestro just landed a $36 million strategic investment to scale its AI-driven procurement platform. The round was led by Altira Group and Aramco Ventures, with backing from existing investors NEA, KDT, and Activant. The fresh capital is set to speed up development of Arkestro’s predictive tech that helps companies cut costs, reduce supply chain risk, and turn procurement into a strategic asset.
Arkestro’s platform combines artificial intelligence, behavioral science, and game theory to streamline procurement cycles and improve collaboration with suppliers.
The result? An average of 18.8% savings on every $1 million spent. It’s built around three proprietary sciences—Negotiation Science, Supplier Science, and Process Science—which aim to help teams shape procurement outcomes proactively instead of simply reacting to quotes.
The new funding isn’t just about product development. Altira and Aramco are signaling major support for Arkestro’s global ambitions, especially in energy and industrial sectors.
“Arkestro cuts through the noise with a pragmatic application of AI technology that gives procurement experts superhuman-like capabilities and reinforces their role as a strategic lever for the enterprise,” said J.P. Bauman, Partner at Altira Group.
Arkestro’s momentum isn’t slowing. Over the past year, it’s added major names to its roster, including Fortune 500 manufacturers and global supply chain leaders, all tapping into its platform to accelerate decision-making and uncover savings.
A relevant update on the industry: Gartner recently named Arkestro a Sample Vendor for Autonomous Sourcing, Autonomous Procurement, and Supplier Discovery in its 2024 Hype Cycle report, placing the company among the top players redefining procurement tech.
With a growing customer base and a strong vote of confidence from energy giants, Arkestro looks set to push predictive procurement from buzzword to business-critical.
