AI-native Enterprise Procurement Platform Aerchain Secures $13 Million Funding

AI-native enterprise procurement platform Aerchain has successfully raised $13 million (Rs 118 crore) in a Series A funding round led by Pavestone VC, with contributions from IndiaMART and other investors. The Bengaluru-based startup had previously acquired $3 million in a pre-Series A funding round in September 2021, co-led by IndiaMART and Season Two Ventures. The newly secured funds will be used to propel its global growth and improve AI capabilities as it develops what it refers to as the Spend Operating System, as stated in a press release.

Aerchain’s Innovative Approach to Procurement

Co-founded in 2021 by Harsha Kadimisetty and Himavanth Jasti, Aerchain operates as an AI-native enterprise procurement platform that orchestrates, executes, and provides guidance across the entire intake-to-pay lifecycle. The Spend Operating System includes conversational intake and Statement of Work (SOW) generation, vendor discovery and management, RFQ and auction automation, autonomous negotiation, techno-commercial evaluation, contract management, invoice processing, and payment tracking, all driven by a multi-agent AI architecture that is customised based on each customer’s data.

Transforming Enterprise Procurement

Aerchain claims its Spend Operating System offers a holistic solution aimed at converting enterprise procurement from a reactive cost centre into a proactive business driver. Many procurement teams still find themselves operating reactively, bogged down by email communications, Excel spreadsheets, and ERP workarounds. The Spend Operating System addresses these limitations through a comprehensive three-level transformation. It eliminates reactive firefighting, whereby its Spend Orchestration layer automates 80% of operational procurement tasks, significantly reducing completion times from days to hours.

Enhanced Decision Making with AI

Aerchain utilises AI agents that conduct analyses, present benchmarks, draft negotiation strategies, and expedite outcomes, empowering buyers to make quicker and more informed decisions. As operational capacity increases, the platform’s Spend Intelligence module continuously evaluates spending trends alongside external market factors, such as commodity price shifts, contract end dates, and vendor consolidation possibilities, proactively offering actionable insights.

Aerchain proudly claims to be relied upon by over 50 global enterprise clients across more than 30 countries, managing a total spending of $45 billion, and has successfully halved procurement cycle times. The firm is backed by Veda Corp Advisors.