According to filings with the U.S. Securities and Exchange Commission, Arkestro is raising $40,298,354.00 in new funding. Sources indicate that as part of senior management Chief Executive Officer, Edmund Zagorin played a key role in securing the recent investment and it will aid in aggressively expanding the company, as well as broaden and accelerate product development.

About Arkestro
The idea for Arkestro arose out of a basic frustration with the amount of time and effort it takes most teams to collect and compare quotes from suppliers. Our founder Edmund was working as a procurement consultant and saw how much time his sourcing teams spent building Excel pivot tables. Regardless of the software, the problem was the same: a category expert was needed to identify potential errors in supplier submissions before an award scenario could be properly evaluated. There must be a better way, Edmund thought. If any person can search and select hundreds of different items from different suppliers on a smartphone in under 5 minutes, then why should a similar process in a business context take so much longer and feel much more painful? Edmund and Ben were friends growing up in DC. One evening in San Franciscos Potrero Hill neighborhood, Edmund was describing the typical user experience on a modern procurement software application, and why the error-rate in supplier submissions stayed so persistently high. Ben, who had risen from the role of software engineer to lead an enterprise product at SurveyMonkey, suddenly had a lightbulb go off in his head. What if there were a way to automatically pre-populate the text in a sourcing project with little to no manual data entry required from procurement users or even from gasp the suppliers?

To learn more about Arkestro, visit http://arkestro.com/

Contact:
Edmund Zagorin, Chief Executive Officer
888-724-3677
https://www.linkedin.com/in/edmund-zagorin-41291b13/

SOURCE: http://www.intelligence360.io
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