Source: techinasia

LightSource, a San Francisco-based startup, has raised US$33 million in a funding round led by Bain Capital Ventures and Lightspeed Venture Partners, with participation from J2 Ventures.

Founded in 2021 by Spencer Penn and Idan Mintz, LightSource develops software designed to streamline procurement processes for companies.

With approximately 30 employees, LightSource aims to provide a centralized solution for procurement teams that often manage fragmented processes across emails, spreadsheets, and invoices.

“We look forward to partnering with Lightspeed, Bain Capital Ventures, and J2 to scale our AI-powered solutions and help procurement leapfrog technology ahead by decades.” – Spencer Penn, LightSource CEO & Co-Founder.

“Idan and Spencer have built a next-generation AI-powered platform for direct sourcing.” – Anoushka Vaswani, Lightspeed Venture Partners.

“LightSource has delivered faster decision-making and meaningful cost improvements.”- Roger Larsh, Chief Procurement Officer at RSCS, the supply chain arm of Yum! Brands

“With it’s AI capabilities for data-interoperability, LightSource is fundamentally shifting procurement into the modern era, while driving cost savings for buyers and improving supplier relationships.” – Ajay Agarwal, Partner at Bain Capital Ventures.

“The platform that Spencer and Idan have created at LightSource is uniquely exceptional because of its deep AI integration and it’s specific aim to fix the previously intractable inefficiencies of traditional procurement processes like email and spreadsheets.” – Alexander Harstrick, Managing Partner, Co-Founder at J2 Ventures.