Globality, a leader in AI-powered autonomous sourcing, has secured an additional US$47m in funding to drive its ongoing expansion.

It comes as Gartner finds interest in AI procurement use cases increased by 17 times in 2023 compared to the previous year.

The boost for Globality arrives through a Series D-1 and D-2 preferred stock offering, involving both existing shareholders and new investors such as Rollins Capital.

With this latest investment, Globality’s total capital raised stands at an impressive US$356m, continuing to fuel its growth in the competitive AI-driven procurement market.

Read the full article on Procurement Magazine here.