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Zinit raises $8 Mn in seed round led by AltaIR Capital

EntrackrEntrackr · 3m ago
Zinit raises $8 Mn in seed round led by AltaIR Capital
Medial

Zinit raises $8 Mn in seed round led by AltaIR Capital AI-driven procurement platform Zinit has raised $8 million in a seed round led by AltaIR Capital, valuing the company at $48 million. Early-stage investor DVC, known for backing Perplexity, also participated and will support Zinit’s AI roadmap. The proceeds will be used for product development and global expansion. As part of its worldwide push, Zinit has appointed Michel Boczko as Regional Director for Latin America and Stan Moskovtsev (ex-McKinsey) as CEO for the US. The firm has also appointed Naveenn Suri as Regional Director for India to drive enterprise adoption in the local market. Suri earlier led EY’s SAP Ariba practice and has over two decades of experience in procurement and supply-chain transformation. Zinit is targeting India as one of its fastest-growing markets as enterprises move to digital procurement. The platform claims to automate supplier discovery, RFP creation and multi-round negotiations for enterprises. It says procurement teams using Zinit can cut sourcing cycles by up to 40% and reduce costs by up to 30%. The brand said it already works with more than 100 enterprise clients, including Bacardi India, UFLEX Limited and United Colors of Benetton, and has built a network of over 100,000 suppliers. Zinit operates through a success-fee and SaaS-based pricing model and provides audit-ready trails for compliance.

Atomicwork closes Seed round at $14 Mn

EntrackrEntrackr · 1y ago
Atomicwork closes Seed round at $14 Mn
Medial

B2B SaaS startup Atomicwork has raised an additional $3 million in its seed round from Abhinav Dhar, ex-CIO of TransUnion, Prasad Ramakrishnan, CIO and technology leader, Avanish Sahai, former ecosystem leader at Salesforce, ServiceNow, and Google Cloud and Rich Waldron, CEO of Tray. The firm’s existing investors like Storm Ventures, Z47 (formerly Matrix Partners), Blume Ventures, and Neon Fund also participated in the round. This is the second tranche of its seed round. In September last year, Atomicwork had raised $11 million led by Blume Ventures and Matrix Partners India. With this, the total funding for the startup stands at $14 million. The proceeds will be used for enterprise AI agent technology, fuel the firm’s GTM team expansion in the United States over the next three years, the company said in a press release. Founded in September 2022 by Vijay Rayapati, Kiran Darisi, and Parsuram Vijayasankar, Atomicwork provides software that automates workflows under the information and technology (IT), human resources (HR), finance, and other business functions. It helps companies instantly help their employees by collecting tribal knowledge from across the organization – stored in docs, wikis, information systems, email threads, and chat conversations. Previously, Rayapati had founded Minjar which raised $2 million before getting acquired by US-based publicly-listed cloud infrastructure company Nutanix for about $50 million. Blume also invested in Minjar’s initial funding round. Darisi and Vijayasankar were part of the founding team of SaaS unicorn Freshworks.

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