ORO Raises $25 Million Series A

<p><strong>SAN FRANCISCO<&sol;strong> &&num;8212&semi; <a href&equals;"https&colon;&sol;&sol;cts&period;businesswire&period;com&sol;ct&sol;CT&quest;id&equals;smartlink&amp&semi;url&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;orolabs&period;ai&percnt;2F&amp&semi;esheet&equals;52959799&amp&semi;newsitemid&equals;20221103005657&amp&semi;lan&equals;en-US&amp&semi;anchor&equals;ORO&amp&semi;index&equals;1&amp&semi;md5&equals;46bbc23acc878f2e333f8e191883c90e" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener" shape&equals;"rect">ORO<&sol;a>&comma; an enterprise software platform that helps orchestrate end-to-end procurement across teams&comma; has raised &dollar;25 million in Series A funding co-led by Norwest Venture Partners and B Capital&comma; with participation from XYZ Venture Capital and additional funding from Array Ventures and other investors&period;<&sol;p>&NewLine;<p>ORO was founded by three former product leaders at SAP Ariba to bridge the disconnect between the modern enterprise’s need for agile&comma; decentralized purchasing and the requirement for controls and compliance checks&period; The funding will be used for hiring across all roles to accelerate delivery and deployment of the company’s recently announced Smart Procurement Workflows&period;<&sol;p>&NewLine;<p>ORO’s founders Sudhir Bhojwani&comma; Lalitha Rajagopalan&comma; and Yuan Tung tapped their deep experience building enterprise procurement products at SAP Ariba to uncover a unique insight&colon; today’s spend pipelines look very different from the commodity-based systems of the past&period; This shift required a ground-up rethinking of how procurement workflows need to empower employees and make it easy to onboard and work with suppliers&period;<&sol;p>&NewLine;<p>The result is ORO’s Smart Procurement Workflows&comma; and t&ZeroWidthSpace;he new funding is already being used to expand how organizations can apply these robust workflows to improve procurement and supplier efficiency&period; A top pharmaceutical company has adopted one of these workflows to manage its global source to pay process for supplier payment updates&period; That new workflow automates data flow across multiple systems and applies a sophisticated risk model to ensure consistent execution of needed reviews and approvals across multiple geographic teams&period; The result is a streamlined&comma; auditable process that reduces risk and ensures compliance&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Nobody has better insight on where the gaps are in today’s enterprise procurement systems than ORO’s founders&comma;” said Sean Jacobsohn&comma; partner at Norwest Venture Partners&period; &OpenCurlyDoubleQuote;Their deep experience has given them a unique understanding of the pain points and a clear view of how to solve the problem that modern enterprises encounter when they need to acquire non-standard items or services&period; We’re always looking for that innate founder market fit&comma; and it doesn’t get better than the triple-threat at ORO&period;”<&sol;p>&NewLine;<p>According to Gabe Greenbaum&comma; general partner at B Capital&comma; &OpenCurlyDoubleQuote;There is a tremendous opportunity in supplier and procurement management software&period; ORO is bringing real innovation to the way companies manage their spend pipelines and supplier commitments&comma; which is critical for decision and resource allocation initiatives&period; We have been impressed by ORO’s vision and product impact on Fortune 1000 customers and beyond&comma; in such a short period of time&period;”<&sol;p>&NewLine;<p>Ross Fubini&comma; founder &amp&semi; managing partner of XYZ Venture Capital&comma; said &OpenCurlyDoubleQuote;ORO enables business users to work rapidly with their vendors and suppliers&comma; while following the compliance and smart workflows set out by procurement and legal teams&period; The team understands deeply the pain points for both of these stakeholders and where legacy solutions fall short&period;”<&sol;p>&NewLine;