Provides an AI-driven source-to-pay platform that streamlines procurement processes by integrating sourcing, supplier management, contract management, invoicing, and analytics into a single system. This solution reduces costs, mitigates supplier risk, and automates workflows, enabling enterprises to optimize spending and improve operational efficiency.
Funding
$9.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
DIOVPA+1Founders
Product
Problem
Many organizations face challenges in managing their procurement processes efficiently, leading to increased costs, lack of visibility, and potential supplier risks. Siloed systems and manual workflows hinder effective sourcing, contract management, and spend analysis.
Solution
Penny provides an AI-driven source-to-pay platform designed to streamline and optimize the entire procurement lifecycle. The platform integrates sourcing, supplier management, contract management, invoicing, and analytics into a unified system, providing end-to-end visibility and control. By automating workflows and leveraging AI-powered insights, Penny enables organizations to reduce costs, mitigate supplier risks, and improve operational efficiency. The platform offers a modular approach, allowing businesses to customize the solution to their specific needs, whether it's AP automation, cost optimization, or supplier risk management. Penny also offers a B2B e-commerce platform, featuring RFQs and offer management, to link company websites and stores.
Target Audience
Penny's primary customers are procurement, finance, supply chain, and IT professionals in medium to large enterprises seeking to optimize their procurement processes and reduce costs.
Features
- AI-powered sourcing tool (bidly.ai) for autonomous supplier discovery and evaluation
- Centralized supplier management module for onboarding, performance tracking, and risk assessment
- Automated contract lifecycle management with version control and compliance monitoring
- E-procurement module with guided buying and approval workflows
- Automated invoice processing with OCR and machine learning-based data extraction
- Advanced analytics dashboard for spend analysis, savings tracking, and performance reporting
- Customizable B2B e-commerce platform with RFQ and offer management capabilities
- Integration capabilities with existing ERP, accounting, and other enterprise systems