In 2020, supply chain disruptions surged by 67%, with 83% of these issues stemming from human factors across various stages of the process—from suppliers and traders to banks and manufacturers. This has brought unprecedented focus to the critical role of technology in enhancing supply chain transparency and flexibility. Visibility and automation tools are now at the forefront of efforts to bolster the resilience of our global, interconnected supply networks. Didero emerges as a solution tailored to serve the needs of mid-market manufacturers. This AI-powered procurement platform automates common supply chain workflows, bridging a crucial gap in the industry. While large manufacturers can afford sophisticated ERP and supply chain systems, these solutions often remain out of reach for smaller players due to cost and technical constraints. Didero integrates seamlessly with existing data and communication infrastructures, streamlining key processes including sourcing, supplier onboarding, purchase order management, invoice processing, and payments. As a centralized system, it offers unparalleled visibility by synthesizing information from disparate documents. This not only enhances operational clarity but also yields significant time and cost savings by minimizing the need for manual procurement management.
AlleyWatch caught up with Didero Cofounder Tom Petit to learn more about the business, the company’s strategic plans, recent round of funding, and much, much more…
Who were your investors and how much did you raise?
$7M from First Round Capital, Construct Capital, AI Grant, Box Group, Company Ventures, and Conviction and a number of prominent angels across AI and supply chain.
Tell us about the product or service that Didero offers.
Didero is an AI procurement agent that automates the most common supply chain workflows for mid-market manufacturers. Because our customers spend so much effort doing manual work to manage procurement, we can save them huge amounts of time and money.
What inspired the start of Didero?
$32T of international trade binds nations together and provides us with the food, transportation, materials, entertainment, and goods that we depend on. And yet, supply chain teams are not given the tools they need to address this increasing complexity. We want to unlock the power of supply chain teams and make trading with companies across the world as easy as trading across the street.
How is Didero different?
We see AI as a game-changing technology for supply chain workflows. AI enables our platform to parse existing data and communications, turn them into useful insights, and automate the most common procurement workflows (including sourcing, onboarding, purchase order management, invoice management, and payments).
What was the funding process like?
We are lucky as second-time founders to have strong relationships with great investors who know us and trust us. We are honored to be partnering with the best AI and SaaS investors in the world.
What factors about your business led your investors to write the check?
Our investors are excited about our approach to use AI to transform the supply chain. They were also struck by the strength of our team and our development velocity: in 6 months, we have a product out in the market, early revenue, and a cutting-edge engineering team of 5.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Depending on the vertical, building the right network to raise capital can be a long journey. But New York has lots to offer to get companies started. I’d encourage founders to look into programs like Grand Central Tech, START-UP NY, and NY I-Corps as they get going. Events like FYSK, Cerebral Valley, and NY Tech Week can also be a great way to get to know other founders and investors.
Where do you see the company going now over the near term?
Our objective is to build the autonomous supply chain, where all the routine and manual work of running a supply chain can be abstracted away. Over the near term, we’re excited to work with our customers to increase the capabilities and agency of our AI platform.
What’s your favorite summer destination in and around the city?
Governor’s Island is such a hidden gem! (But shhh – don’t tell anyone about it.)
