Chris Metinko / Axios : Fragment, which uses AI to resolve purchasing and payment issues across manufacturing datasets, emerges from stealth with $56M from 8VC and others — Procurement startup Fragment is exiting stealth with $56 million raised, CEO Pranav Mulgund tells Axios Pro exclusively.
Fragment, which uses AI to resolve purchasing and payment issues across manufacturing datasets, emerges from stealth with $56M from 8VC and others (Chris Metinko/Axios)
In short
Procurement startup Fragment has officially launched from stealth mode following a successful $56 million financing round. Venture capital firm 8VC and several other investors contributed to the substantial cash infusion, CEO Pranav Mulgund confirmed to Axios Pro. The company's core technology leverages artificial intelligence to systematically resolve purchasing and payment discrepancies. These capabilities are targeted specifically at streamlining complex procurement processes within detailed manufacturing datasets.
Key points
- Fragment applies artificial intelligence technology to rectify transactional purchasing a…: Fragment applies artificial intelligence technology to rectify transactional purchasing and payment issues.
- The company focuses its automated procurement solutions directly on complex manufacturing…: The company focuses its automated procurement solutions directly on complex manufacturing datasets.
- Substantial backing from 8VC provides the startup with resources to expand its industrial…: Substantial backing from 8VC provides the startup with resources to expand its industrial data operations.