Beroe invests in AI firm Forestreet to enhance procurement tools

Beroe has announced a strategic investment in Forestreet, an AI-driven software solution for supplier and innovation discovery.

The investment builds on the existing partnership between the two companies and aims to bolster Beroe's procurement intelligence capabilities by integrating Forestreet’s advanced technologies.

Vel Dhinagaravel, Founder and CEO of Beroe, will join Forestreet’s board of directors as part of the deal. Dhinagaravel expressed enthusiasm about the investment, stating, "We are excited to not only invest in Forestreet’s fast-growing business but also to leverage its technology expertise alongside Beroe’s existing AI capabilities to deliver greater value to our customers."

He emphasised that combining advanced AI algorithm-driven solutions for supplier discovery with Beroe’s domain expertise and pricing intelligence provides a compelling market advantage.

Beroe’s investment aims to accelerate the integration of Forestreet’s supplier discovery tools, providing real-time access to trusted market insights and supplier discovery. This access is expected to assist Chief Procurement Officers (CPOs) and their teams in proactively mitigating risk and building resilient supply chains as they face new demands.

Dhinagaravel added, "Investing in its future development ensures that we will continue to empower procurement teams with the essential intelligence to achieve savings objectives, navigate inflation challenges, and sidestep supply chain disruptions."

Forestreet offers a suite of tools designed to uncover market insights and understand companies within a market, aiding procurement professionals in navigating the complex procurement landscape. The integration of both category-level and supplier intelligence is seen as crucial for building resilient supply chains. Alex Miller, CEO and Co-founder of Forestreet, commented on the partnership, stating,

"Our clients tell us that our technology is unique, so working with an established market leader like Beroe, with its 18 years of success in supporting procurement domain decision-making, will allow us to provide that capability at scale."

He noted that with new challenges constantly arising, it is vital for CPOs to react quickly to changing dynamics. "Partnering with Beroe, we can offer the widest possible customer segment the AI-driven tools they and their teams need to get a clear view of the whole market in one glance, making what can feel like an impossible task seem simple," he said.

The Beroe LiVE.Ai platform is noted for its ability to help companies determine the impact of event-led disruptions on supply chains, conduct multi-tier supplier mapping, and assess associated risks in real-time. The platform also provides insights into financial, ethical, cyber, and environmental compliance credentials for over 300 million suppliers.

The investment by Beroe in Forestreet is seen as a step towards eliminating uncertainty for procurement professionals globally. James Fox, Lead Investor on Guinness Ventures Series A investment in Forestreet, stated, "With the information and intelligence that Beroe and Forestreet can provide together, CPOs will gain unprecedented insights."