Lio raises $30M from Andreessen Horowitz and others to automate enterprise procurement

Lio, co-founded by CEO Vladimir Keil, has raised a $30 million Series A round, led by Andreessen Horowitz, bringing its total funding to $33 million. The company developed an AI-native platform using software agents designed to automate the fragmented and manual enterprise procurement process, which involves tasks like checking ERP systems, managing contracts, and running compliance checks.

Unlike traditional procurement software that assists humans, Lio deploys AI agents that execute workflows across enterprise systems to read documents, evaluate suppliers, negotiate terms, and complete transactions. Keil noted that this approach can reduce processes that once took weeks to mere minutes, citing one manufacturer who automated 75% of its outsourced procurement in six months.

Lio views legacy software vendors like SAP Ariba and Oracle, as well as BPO providers, as competitors. The new capital will be used to expand operations across the U.S. and enhance the AI agents' capabilities, aiming to transform procurement from a back-office function into a strategic lever for enterprise performance.

(Source：TechCrunch)