DeepStream, a London UK-based provider of a cloud-powered procurement platform using AI, raised £5.2 million in Series A funding.
The round was led by Beringea with participation from Seed X Liechtenstein, London-based Conviction VC, and Portfolio Ventures.
The company intends to use the funds to double its workforce and further develop its AI applications.
Company: DeepStream Technologies Limited.
Round: Series A
Funding Month: December 2021
Lead Investors: Beringea
Additional Investors: Seed X Liechtenstein, Conviction VC, and Portfolio Ventures
Company Website: https://www.deep.stream/
Software Category: Cloud-powered procurement platform
About the Company: Founded in London in 2016 and led by Jack Macfarlane, CEO, DeepStream provides a cloud-based procurement platform using AI to allow businesses to handle all their ‘Request for Anything’ (RFP/ RFI/ RFQs, etc.) processes in one place, and improve the efficiency, accuracy, and sustainability of their supply chains. Its AI-driven supplier recommendations engine presents buyers with compatible suppliers based on criteria such as cost, efficiency, or, crucially, Environmental, Social, and Governance (ESG), helping companies to improve the sustainability of their supply chain. The company currently employs a team of 15 technology experts and works with over 3,500 companies, across cleantech, renewable energy, logistics, gigafactories, green steel, electric vehicles, and construction industries, including Maersk, Britishvolt, and Xos Trucks.