Amsterdam-based SaaS B2B software startup Mithra-AI in the area of Cognitive Spend Intelligence stated that Innovatiefonds Noord-Holland had given it a convertible loan for $300K.
With funding from the EU provided by the European Regional Development Fund, the Dutch province of Noord-Holland, University van Amsterdam, Vrije Universiteit, Hogeschool van Amsterdam, Amsterdam UMC, and Sanquin established the Innovation Fund Noord-Holland.
The project supports business owners in the Dutch province of Noord-Holland through the provision of convertible loans to support innovation at the Proof-of-Concept stage. By 2023, INH will have two funds: an RVO-supported fund for creative start-ups and an EFRO-supported fund for academic start-ups.
Arash Saberi, Rasa Raoufi, Christophe Frère, and Dennis van den Brand launched Mithra-Ai in 2021. It is a Cognitive Spend Intelligence SaaS platform that seeks to differentiate procurement teams by taking on time-consuming, arduous (low value, high volume) tasks so they can focus on making crucial decisions and realizing value for their organization.
Cognitive Cost Intelligence automatically classifies spending while monitoring invoices in real-time across product, vendor, and geographic landscapes.
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Mithra-software AI helps procurement teams (with an extensive supply base) to gain spend visibility 100 times faster, even with a minimal number of data points, by gathering, cleaning, and assigning transactional spending data to the correct categories. Complete, accurate, and improved spending data enables the execution of new options and gives buyers knowledge for negotiation and strategic planning.
Mithra-Ai maintains accurate spending data for each new transaction by combining machine learning with human-guided feedback and augmentation. The company claims that its technology will be used in a variety of industries for the optimization of direct and indirect spending and will enable businesses to save millions of dollars.
The invention Mithra-Ai is developing has the potential to significantly influence various industries, according to Wouter Keij, Fund Manager of Innovatiefonds Noord-Holland. With the money, the group will be able to improve and expand its algorithms for a new platform.
Co-founder Arash Saberi mentions in a statement “the funds will assist the business in developing a “unique” technical capability to associate and harmonize various expenditure profiles between various businesses and even industries as well as between various entities of multinational organizations (at specific spend categories).”
According to Saberi, “Spend Synergy capability is cracking a key data problem that many procurement teams face and will release the potential for maximizing spend “holistically,” ensuring compliance with an organization or group of organizations or industries, which helps to create a win-win decision and avoid sub-optimization, with a significant impact on our planet.”
“We will further develop the Spend Synergy capability throughout the Proof of Concept to incorporate feedback from users to deploy it across numerous industries and organizations of varying sizes,” adds co-founder Christophe Frère.
Image Credit: Mithra-AI