Levelpath Raises $55M to Scale AI Procurement Platform

Levelpath, an AI-native procurement software startup founded by Stan Garber and Alex Yakubovich—the creators of Scout RFP—has raised over $55 million in a Series B funding round led by Battery Ventures, bringing its total funding to $100 million. The company aims to quadruple its revenue this year by scaling its platform that leverages advanced AI capabilities, including autonomous AI agents and a proprietary reasoning engine, to streamline procurement processes like sourcing, contracting, and spend analysis. Levelpath’s mobile-first solution integrates AI from inception, enabling it to recommend cost-effective alternatives and analyze unstructured contract data, addressing challenges often overlooked by legacy procurement systems such as those from Coupa and Ariba. This fresh approach to procurement software appeals to Fortune 500 clients like Ace Hardware, Amgen, Coupang, and SiriusXM, highlighting growing demand for intelligent automation in enterprise spending, which is the second-largest expense after payroll for many companies. Battery Ventures’ general partner Neeraj Agrawal emphasized that Levelpath represents the future of enterprise procurement, combining automation and strategic alignment with business goals. The procurement software market, valued at $7.3 billion annually in 2023, is ripe for disruption, and Levelpath’s rapid growth and innovative technology position it as a formidable competitor in this space.