LONDON, 26th March 2015 – Spend360, a world leader in spend analysis , has been awarded a research and development grant from Innovate UK , the government agency which aims to boost innovation in Britain with an initial amount of £95,746. The grant was awarded to help …
LONDON, 26th March 2015 – Spend360, a world leader in spend analysis , has been awarded a research and development grant from Innovate UK , the government agency which aims to boost innovation in Britain with an initial amount of £95,746. The grant was awarded to help further the development of spend360’s market-leading Artificial Intelligence (AI) solution for global spend analysis and increased investment in the UK organisation.
Spend360 will use the grant to research, develop and market a more powerful generation of AI technology that can identify more obscure patterns within an organisation’s spend, as well as making it more accessible to small organisations looking to reduce their costs or conform to supplier compliance rules.
“We have doubled in size year-on-year and with this great boost from Innovate UK, we will be able to continue our trajectory, ” said Paddy Lawton, Founder & CEO of spend360. We will use the grant to take our existing AI technology to the next level and develop a deep learning engine. This will achieve a massive leap in the efficiency of processing multi-lanugage item and supplier classification, and has never been done before in this way, demonstrating that the UK is a true hub for innovation.”
Konrad Litwin, CSO at spend360 added: “Ultimately our procurement customers have become cynical of the hidden inaccuracy of spend analysis ‘dashboard solutions’ and end up with mammoth data preparation projects. Being able to serve highly granular and accurate identification of spend and supplier behaviour despite environments with multiple financial systems, multiple languages and tens of thousands of human data entry variations, allows them to focus on value to the business. We aim to bring that capability to not only the largest global customers as we do today, but small business who simply do not have the time to even establish a procurement function.
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