Amsterdam-based AI startup Mithra-AI gets seed funding for procurement automation

Mithra-Ai Solutions B.V., a tech startup situated in Amsterdam, received a € 300,000 convertible loan from Innovatiefonds Noord-Holland.  

Mithra-Ai develops SaaS software that enables procurement teams (with a large supply base) to get spend visibility 100x faster by capturing, cleansing and allocating transactional spend data to the right categories, even with limited data points available. More complete, accurate, and enriched spend data leads to more intelligence where new opportunities can be executed while helping buyers with better insights during their negotiations and strategic planning. Mithra-Ai integrates machine learning with human-guided feedback and augmentation to keep spend data clean and classified accurately with every new transaction. 

Mithra-Ai is transforming the strategic procurement function across multiple industries by developing proprietary Natural Language Processing (NLP) algorithms together with user centric UX design. The technology will be applied across different industries for direct and indirect spend optimizations and help companies to save millions in spend. 

Arash Saberi: “The investment from Innovatiefonds Noord-Holland will be used to develop a unique technical capability to associate & harmonize different spend profiles across different entities of multinational organizations and also across different companies and even industries (at specific spend categories). Spend Synergy capability is cracking a key data problem that many procurement teams face and will release the potential for optimizing spend ‘holistically’ ensuring compliance with an organization or group of organizations or industries which helps to create win–win decisions and avoid sub-optimization, with an impactful contribution to our planet”.

Christophe Frère: “During the Proof of Concept, we will further develop the Spend Synergy capability to incorporate feedback from users with the goal to deploy it across many industries and organizations of different sizes”.

Wouter Keij: “The innovation Mithra-Ai is developing can create a big impact across different industries. The funding will allow the team to further integrate and develop their algorithms into a new platform“.  

About Mithra-Ai Solutions

Mithra-Ai develops a best-of-breed Cognitive Spend Intelligence SaaS platform for strategic procurement. The mission is to help procurement teams to shine by taking over tedious and time-consuming (low value, high volume) activities and letting them focus on high-impact decision-making and value realization for their organization. Mithra-AI is founded in 2021 by Arash Saberi, Christophe Frère, Rasa Raoufi & Dennis van den Brand. Mithra-Ai is built by and for procurement professionals to make data-driven decisions by providing them ‘continuous’ visibility and insights into their spend data. Companies need to source and procure more responsible, and this is where Mithra-Ai makes a positive impact. You cannot be responsible if you don’t have continuous full transparency and insight into your direct & indirect spend.

About Innovation Fund Noord-Holland

Innovation Fund Noord-Holland is an initiative of the Dutch province of Noord-Holland, University van Amsterdam, Vrije Universiteit, Hogeschool van Amsterdam, Amsterdam UMC, and Sanquin, with support from the European Union through the European Regional Development Fund. The Innovation Fund Noord-Holland supports entrepreneurs in the Dutch province of Noord-Holland by financing innovation in the Proof-of-Concept phase by providing convertible loans. As of 2023, INH has two funds; one fund for innovative starters, supported by RVO, and a second fund for academic starters, supported by EFRO.

2048 1113 Christophe Frère

Christophe Frère

Christophe Frère is co-founder of procurement startup Mithra-Ai and partner of Bridgeflow. He has over 20 years expertise in technology enterprise sales and supported AI startups like Qopius, Aiir Innovations, Syntho and Reliasol.

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