SaaS startup Conexiom raises $40 million in strategic growth financing
Summary
Vancouver-based Conexiom, a supply chain SaaS startup offering sales order and invoice automation solutions for manufacturers and distributors, has secured $40 million in strategic growth financing. The funding will be used to accelerate platform development, invest in machine learning and artificial intelligence, extend Conexiom’s technology to other business processes beyond order and invoice automation, and expand the company’s footprint globally. The support of Iconiq and Luminate is a validation of our mission and furthers our commitment to help our customers grow and transform their businesses.” A recent report from The Conference Board of Canada found that the COVID-19 pandemic’s disruptions in global supply chains could prompt businesses to rethink the way they operate and that those that take advantage of online platforms and digital technologies will be in a better position to manage supply chain disruptions. When reached for comment, the company refused to disclose to BetaKit how much it has raised to date and any details on prior funding. “We have spoken to numerous customers whose businesses were transformed by Conexiom and yielded significant return on investment in as little as 30 days,” Luo added.
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