Canadian Procurement Software Startup Procurify Raises $50M to Invest in AI Capabilities

Procurify, a Canadian procurement software startup, has raised $50M in Series C funding led by Ten Coves Capital.

Founded in 2011, Procurify offers tools to manage purchasing, accounts payable, and data analytics.

The platform uses AI to detect anomalies in orders and invoices to flag for review.

Procurify competes with Coupa and SAP Ariba in the $6B+ procurement software market.

The company plans to invest the new funding into developing more AI capabilities for the platform.