Loop Payments Inc. today announced that it has raised $95 million in funding to upgrade its supply chain optimization platform.
Valor Equity Partners and the Valor Atreides AI Fund led the Series C round. They were joined by several other institutional backers, including J.P. Morgan Growth Equity Partners.
The invoices that change hands when a company orders goods from a supplier or books space in a container ship often contain mistakes. Such errors can lead to unnecessary costs if they’re not fixed. Loop has developed a family of artificial intelligence models, DUX, that can spot inaccurate supply chain invoices. It sells the algorithm series as part of a cloud platform that also automates several related tasks.
DUX is based on what Loop describes as a custom architecture optimized to process physical supply chain documents. According to the company, its algorithms extract not only text but also data points such as the positioning of form fields and stamps. Those details enable DUX to interpret the supply chain information that it ingests more accuracy.
After scanning a set of invoices, the AI normalizes the information they contain into a standardized form and links together related data points. It then uses AI agents to identify cost discrepancies. Loop says that it enables supply chain teams to complete freight expense audits in 2 hours instead of the several weeks usually required for the task.
The platform can ingest not only invoices but also more specialized supply chain documents. It understands bills of lading, which acknowledge that a shipping company has taken a customer’s merchandise onboard, and rate tables. A rate table lists the numerous pricing parameters that factor into freight transport bills.
In addition to catching inaccurate invoices, Loop uses the documents that its AI models ingest to track the location of parcels. Supply chain teams can analyze that location information to detect shipping bottlenecks before they cause delays. Additionally, Loop says, the data surfaced by its platform helps customers negotiate more favorite rates from shipping partners.
Another set of features promises to streamline the process of paying delivery companies. Some enterprises work with upwards of dozens of shipping partners that don’t always use the same currency. According to Loop, its platform automates much of the billing workflow and makes it possible to request shipping discounts in exchange for early payment.
“Through the AI systems they’ve built, they’re taking data that was previously fragmented and inaccessible and are turning it into intelligence that improves cost, processes, and working capital,” said Valor founder and Chief Executive Antonio Gracias.
Loop will use the proceeds from its funding round to add support for more supply chain automation use cases and grow its workforce.
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