Vancouver-based Conexiom, a supply chain SaaS startup offering sales order and invoice automation solutions for manufacturers and distributors, has secured $40 million in strategic growth financing.
“The support of Iconiq and Luminate is a validation of our mission and furthers our commitment to help our customers grow.”
The financing was raised from Iconiq Capital. Luminate Capital, a previous investor in Conexiom, will retain a majority stake in the startup. The funding will be used to accelerate platform development, invest in machine learning and artificial intelligence, extend Conexiom’s technology to other business processes beyond order and invoice automation, and expand the company’s footprint globally.
“The world is changing. COVID-19 is accelerating the modernization of antiquated business processes and forcing every business to become a digital business,” said Ray Grady, president and CEO of Conexiom. “We are thrilled to welcome Iconiq to Conexiom. The support of Iconiq and Luminate is a validation of our mission and furthers our commitment to help our customers grow and transform their businesses.”
A recent report from The Conference Board of Canada found that the COVID-19 pandemic’s disruptions in global supply chains could prompt businesses to rethink the way they operate and that those that take advantage of online platforms and digital technologies will be in a better position to manage supply chain disruptions.
Conexiom has developed a software platform that delivers sales order automation to eliminate manual order processing. The startup aims to help manufacturers and distributors deliver order processing with 100 percent data accuracy in order to reduce costs and resource burdens.
Conexiom claims over $100 billion in business-to-business sales are processed through 22 million transactions on its platform annually. Conexiom has offices in Kitchener-Waterloo, London, England, and Chicago, Illinois.
The startup was founded in 2005, under its Canadian legal name, ecMarket. In February 2018, Luminate Capital acquired a majority stake in Conexiom with an undisclosed investment. When reached for comment, the company refused to disclose to BetaKit how much it has raised to date and any details on prior funding.
“We see Conexiom as a key partner to companies looking to make their businesses future-ready, to accelerate growth, ensure revenue capture, and deliver superior customer service by letting CSR focus on customers, instead of repetitive and time-consuming tasks,” said Roy Luo, vice president at Iconiq Capital.
“We have spoken to numerous customers whose businesses were transformed by Conexiom and yielded significant return on investment in as little as 30 days,” Luo added.
Image source Unsplash. Photo by chuttersnap.