Archlet has secured an investment from HV Capital in the amount of 10 million US dollars, the spin-off from the Swiss Federal Institute of Technology in Zurich (ETH) writes in a press release. In addition, business angel Matthias Hilpert will support the start-up in future by offering strategic consulting and action planning. With this successfully closed Series A financing round, Archlet has taken a step closer towards realizing its vision “of seamlessly connecting buyers and suppliers in the global supply chains”.
According to its own information, the start-up builds digital tools “that disrupt the currently mostly manual, time-consuming and inefficient approach in strategic sourcing for every buyer in every organization”. Archlet was founded on the back of a consulting project implemented by ETH Zurich with a focus on data science. It combines these backgrounds in data science and machine learning with “deep hands-on procurement expertise”. In this way, buyers are empowered to make better decisions faster.
In 2021, the customer base has “grown like never before”, Archlet states in the press release. “We are already well on the way, but with our additional funding, we are another step closer to offering a powerful end-to-end sourcing experience that can be used by any buyer in any organization”, the company concludes.