CADDi Raises $89 Million to Expand Procurement Platform and Cloud Service

CADDi has raised $89 million in Series C funding for its solutions for the manufacturing sector.

The company will use the new funding to enhance the capabilities of both its parts-procurement platform called CADDi Manufacturing and its cloud service for managing drawing data called CADDi Drawer, CADDi said in a Wednesday (July 5) press release.

“CADDi is committed to rapid expansion in pursuit of our mission to unlock the potential of customers, partners, employees and all entities engaged in manufacturing,” the company said in the release.

In addition to bolstering its technology, CADDi is also working to expand beyond its strong presence in Japan and grow internationally, according to the press release. To that end, the company recently established a United States division and Mexico supplier operations.

“To achieve our targets, the U.S. office will expand to 100 employees within a year,” CADDi said in the release.

The latest funding round brings CADDi’s total capital to $164 million, according to the release.

PYMNTS research has found that purchase orders are receiving renewed focus as companies seek to modernize their procurement process.

Perhaps because the manufacturing sector is dependent on raw materials and hard goods, it experienced particularly difficult pandemic-era disruption and has become the sector with the most planned procurement investments, according to “Digital Payments: Modernizing Procurement Processes,” a PYMNTS and Corcentric collaboration.

The report found that among surveyed sector businesses, 42% are already investing in procurement technology upgrades while another 44% are planning to do so.

In another recent development in this space, PayEm said in June that it has integrated its global spend management and procurement platform with American Express, allowing American Express Corporate and Business Card Members to use their existing account and PayEm’s platform to create and distribute on-demand virtual cards.

Also in June, procurement and billing solutions firm Corcentric raised $315 million in capital and said it will use the new funding for “general business growth” and to support its managed accounts receivable (AR) solutions.

“This new capital will allow us to continue to grow our book of business and achieve our goal to give every customer the individualized attention they deserve through best-in-class financial software and expert guidance,” Corcentric President and Chief Operating Officer Matt Clark said at the time.