DeepStream’s digital workspace for procurement professionals allows businesses to handle all their ‘Request For Anything’ (RFP/ RFI/ RFQs etc.) processes in one place, making supply chains more sustainable as a result
DeepStream, the cloud-based procurement platform that allows buyers and suppliers to communicate seamlessly, has raised £5.2M in Series A funding.
Founded in London in 2016, DeepStream will use the funding to continue providing a best-in-class RFx platform for businesses such as Maersk, Britishvolt and Xos Trucks, while also expanding into complementary use cases in order to truly facilitate ‘Request For Anything’.
The financing will also be used to further develop AI applications, such as DeepStream’s supplier recommendations engine which (similar to Spotify or Netflix algorithms) presents buyers with compatible suppliers based on criteria such as cost, efficiency or, crucially, Environmental, Social, and Governance (ESG). Buyers on DeepStream can make their supply chains significantly greener by discovering, evaluating and choosing suppliers who share their sustainable aims.
Currently employing a team of 15 technology experts, DeepStream helps over 3,500 companies across cleantech, renewable energy, logistics, gigafactories, green steel, electric vehicles, and construction industries. The technology dramatically increases procurement efficiency and limits human error. Users go from sourcing information to signing contracts within one secure digital workspace, migrating all communication (proposals, document exchanges, price quotations, clarifications, evaluations and bids) into one collaborative, auditable and secure cloud application. This leads to better human decision-making, higher process automation, reduced cost of interaction, and robust governable auditability.
Jack Macfarlane, DeepStream Founder and CEO, comments: “For too long, procurement has been an opaque practice conducted on outdated technologies like email and ERP systems. We want to bring true visibility to the supply chain, so companies can analyse, compare, and understand the suppliers they use, because only with this kind of transparency can procurement become fully auditable and sustainable.
“Our business is currently experiencing 800% year-on-year customer growth. This new financial support will only accelerate that, as we double our headcount and continue to innovate for our customers and work towards our vision of DeepStream being the go-to medium for all information exchanges between businesses in contracting with one another.”
Carrie Babcock, Investment Manager at Beringea, who joins the DeepStream board, comments, “We know supply chains are buckling, which necessitates greater adoption of technologies that can help drive efficiency gains. Rather than settle for clunky UI formats or overly prescriptive workflows, customers we spoke to raved about DeepStream’s ease of use, flexibility, delivery and service. They’ve got a really tenacious, creative team we’re excited to back.”
According to PYMNTS, U.S. businesses lose $600 billion yearly due to inaccurate or missing data when making procurement decisions.
The procurement industry is still largely dependent on outdated ways of working (such as email, and even pen and paper) which are inefficient and conducive to human error. When using email, vital details are easily lost and retrieving information can be difficult and time-consuming. On top of this, McKinsey reports that the average professional spends 28% of the workday reading and answering email, equating to 2.6 hours and 120 messages per day.
DeepStream eliminates these challenges by replacing the email inbox with an intuitive and user-friendly platform. DeepStream is the only digital solution for RFx designed to replace email altogether as a communications medium, enabling users to spend less of their time on monotonous admin-intense work which can be automated with digital technology including AI. According to internal data, DeepStream frees up an average of two hours a day per procurement user when compared to email.