Latvian company Sorsera has raised €1.27 million, including over €950,000 funded by the European Union, to create artificial intelligence solutions for the supply chain and procurement industries, Labs of Latvia reports.

What does Sorcera provide?

  • Founded in 2020 by Georgs Vardanjans and Rūdolfs Kreicbergs, Sorsera aims to improve the buyer-supplier interaction in the EU, starting with public procurement. The project's purpose is to reduce the burden of procurement management and bureaucracy on businesses, allowing them to focus on delivering goods and services.

  • Public procurement in the EU accounts for 14% of its member states' GDP, with around two million vendors contributing. Local enterprises win more than 95% of these procurements, demonstrating the industry's hyper-locality.

“Recent geopolitical shifts have fundamentally changed how suppliers and customers interact. Buyers have needs for enhanced security and sustainability. Suppliers must now work harder to meet client demands both in the tendering stage and when fulfilling contracts,” Georgs Vardanjans, co-founder of Sorsera, comments.

  • The company's mainline product is designed for all participants in the bidding process, allowing for such services as: Tendering and collaboration possibilities around the EU to win more contracts in any sector; Bid process managing; Accurate data on potential customers; Comprehensive insights into market trends and supplier capabilities; Streamlining internal collaboration for preparing RFPs, tenders, and RFIs.

Investment details

  • The company did not disclose the investors during the €1.27 million round. However, it stated that the majority of the investment was obtained from the European Union.

  • To date, Sorsera's tools, which are used by both public and private bodies, have received endorsement, with the company named one of the top three most promising startups at the TechChill 2024 conference, a notable accomplishment among 388 contestants from 57 countries.

Sorsera will use the funds to more efficiently link buyers, suppliers, and partners in the RFP process, providing enhanced tools and market knowledge to ensure an excellent tendering experience.