TechCrunch Startup News Vertice raises $50M for its AI-powered SaaS spend platform
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Jan 23, 2025 Roy Tuvi, CEO and co-founder of Vertice, discusses his company's innovative approach to optimizing SaaS spending through AI. He sheds light on the staggering $5 trillion annual IT budget and how businesses can reclaim inefficiencies. Tuvi emphasizes the importance of data-driven strategies in procurement, highlighting Vertice's recent $50 million funding round. With the expense management sector becoming increasingly competitive, he shares insights on the unique challenges and opportunities facing startups in this space.
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Vertice's Funding and Vision
- Vertice raised $50M to expand its AI-powered SaaS spend management platform.
- The platform helps companies standardize purchasing, optimize software spending, and improve efficiency.
Founders' Prior Success
- Vertice's founders, Roy and Eldar Tuvi, have a successful entrepreneurial history.
- They previously sold security startups ScanSafe to Cisco and Wandera to Jamf.
Market Landscape and Competition
- Gartner predicts IT spending will increase to nearly $5 trillion by 2025.
- Vertice operates in a crowded market with competitors like SpendBase, SpendDesk, Gartner, and G2.