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Skift
3 days ago
- Business
- Skift
Canary Technologies Founders: What's Next After Raising $80 Million for Hotel Tech
Funding has been tight for travel tech startups, but Canary Technologies hasn't had much trouble. Venture capital funding has been a struggle for tech startups this year, but not for Canary Technologies. The hotel tech company says it wasn't actively fundraising when Brighton Park Capital approached the founders about a deal. 'We hadn't actually burned through almost any of the capital that we had raised on our last round. But the opportunity emerged,' said Canary CEO Harman Singh Narula. 'There was the right kind of investor with the right vision … so it made sense for us to move forward.' Canary recently closed a series D round of $80 million at a valuation of $600 million. Insight Partners led the company's last two rounds, all with continued investments from F-Prime Capital, Thayer Ventures, Y-Combinator, and Commerce Ventures. The platform by San Francisco-based Canary includes products for mobile check-in and checkout, upselling, guest messaging, and digital tipping. It's a type of add-on tech often integrated into a hotel's property management system. And it's an area with many startups and small companies, but few have raised this level of capital. Canary said its tech supports more than 20,000 hotels for clients including Best Western, Aimbridge Hospitality, Marriott, Wyndham, TUI Hotels & Resorts, and others. Canary has doubled revenue every year for the past few years, Narula said. There are nearly 300 employees, and the company is hiring across departments. Skift spoke with Narula and SJ Sawhney, president and co-founder, about what comes next. Doubling Down on AI Canary has released a few products powered by generative AI, meant to streamline repetitive tasks and free hotel staff. The company last year added a generative AI chatbot for guest messaging, which is meant to answer specific property questions and sell add-ons like late check-out, without input from front desk staff. A new AI voicebot product is meant to triage guest phone calls. And there's a new AI chatbot for hotel websites to drive direct bookings. The company uses multiple AI models to power its software, layering its own tech and data on top. 'It is answering 80% of guest messages. It is creating content that they don't have to come up with and write. It is, on a daily basis, making a real impact — that they're paying for,' Sawhney said. Industry leaders have said that they've found the most use for AI in operational tasks, while products in other areas have struggled to take off. Marriott, for example, is developing an AI tool to automate the tedious task for room assignment. And Hilton is exploring how to use AI to flag guests that may want room upgrades. A New Hotel Tech System Canary's founders want hoteliers to see the emerging guest management system – 'GMS' in the industry – as a piece of tech that they can't go without, taking a similar trajectory as the reservation management system. 'I think the GMS is certainly a category that — we're hearing a lot from hoteliers — has been this part of the tech stack that has come into focus,' Narula said. Hotels in North America have led adoption, and now the company wants to continue expanding globally. 'We're also seeing globally, a lot of what we think of as mid-market type brands portfolios really stepping up and having a lot of demand around this as well,' Narula said. The company has made an effort over the past year to localize its service in different geographic markets. In France, for example, the dashboard is in French and customer service representatives speak French. 'The investment last year was a big catalyst for all of our localization efforts to achieve that goal,' Sawhney said. Canary has predominantly grown organically, not via M&A, but Narula said that could change. 'There may be some opportunities that emerge that might make sense — where it helps service or provide specific needs to our customers — where we can help fill those gaps,' Narula said.
Business Journals
10-06-2025
- Business
- Business Journals
Remarcable raises $15M for AI-driven construction procurement
Story Highlights Remarcable raises $15 million in Series A funding. Platform unifies construction material management for electrical contractors. Remarcable serves 40% of top 50 U.S. electrical contractors. Remarcable Inc., a procurement platform for the electrical construction industry, has raised $15 million in a Series A funding round led by New York City-based software investor Insight Partners. Founded in 2018 by Clint Zhang, an electrical and computer engineer educated in Canada, Remarcable is construction material management software that unifies material purchasing, inventory management, tool management and field operations on one platform. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events With its new funding, Highland Heights, Ohio-based Remarcable plans to expand its platform's capabilities, add suppliers and invest in artificial intelligence-driven tools to streamline its construction workflows, according to a statement. Remarcable said its platform delivers robust real-time data exchange and secure transactions with suppliers aimed at giving contractors instant access to product pricing and availability, digital requests for quotations and responses, electronic purchase requests and acknowledgments, and invoices that flow to and from the supplier's enterprise resource planning system. The platform integrates with national suppliers such as Graybar, Sonepar, Wesco and Rexel, as well as more than 400 other regional suppliers from coast to coast, the startup said. Digitizing transactions to streamline efficiency "Each year, construction material transactions worth hundreds of billions of dollars take place in U.S. Yet no unified platform existed to digitize and streamline these transactions and boost efficiency for both contractors and suppliers," said Zhang, the startup's CEO, in the statement. "We built Remarcable to fill that gap." Since its launch, Remarcable has become a go-to platform for electrical contractors, serving more than 40% of the top 50 electrical contractors in the United States, the startup said. Interstates, the Iowa construction company that offers electrical engineering and construction services, uses Remarcable to "solve manual repetitive tasks, material ordering, matching invoicing to [purchase orders] and effectively managing that information from field to supplier to office," said Joel Van Egdom, the construction company's CFO. Remarcable's platform "improves processes across the board, for foremen and [general contractors] to warehousing personnel to internal finance and procurement," said Philine Huizing, managing director at Insight Partners. Sign up for the Business Journal's free daily newsletter to receive the latest business news impacting Cleveland.
Indianapolis Star
09-06-2025
- Business
- Indianapolis Star
Pactum Secures $54 Million in Series C Funding to Scale Agentic AI in Procurement
MOUNTAIN VIEW, CA / ACCESS Newswire Pactum, a leading Agentic AI platform for enterprise procurement, today announces its Series C fundraise of $54 million. This round, led by global software investor Insight Partners, brings the company's total funding to date to more than $100 million and will help bolster enterprise procurement with Agentic AI solutions that work alongside humans to negotiate and close supplier deals at scale. This investment follows Pactum's most successful year to date, marked by impressive achievements across multiple areas. Its platform saw a 489% increase in spend handled by its AI agents, a 2.5x boost in annual recurring revenue, and the addition of over 25 new Global 2000 customers, including Honeywell, Novartis, and Tetra Pak. Pactum has empowered over 50 large enterprises including Walmart, Veritiv, Suez, Linde Group, Global Industrial, Mediclinic, Vallen, and Otto with AI agents to deliver savings autonomously with their suppliers. The largest of these deals was valued at $140.5 million, while the fastest deal was entirely negotiated and signed by Pactum's AI agents in just 87 seconds. Pactum is redefining what is possible in enterprise procurement. 'This funding represents a significant milestone in our journey,' commented Kaspar Korjus, CEO at Pactum. 'It enables us to accelerate the transformation of procurement by empowering professionals to work alongside AI Agents, freeing up teams to focus on more strategic and meaningful work. With this investment, we can scale our market reach and grow our portfolio of AI agents with new innovations that benefit organizations looking to transform procurement operations into a competitive advantage.' Josh Zelman, Managing Director at Insight Partners concluded, 'Pactum has demonstrated substantial growth, with its differentiated position in the market and impressive capabilities to automate end-to-end procurement processes through AI agents. The company is committed to driving greater value for its customers and helping them execute autonomous savings at scale. We look forward to partnering with the team on Pactum's ongoing growth and solution evolution.' As part of the investment, Zelman will join Pactum's board of directors. -ENDS- About Pactum Since 2019, Pactum has been leading the agentic AI transformation in procurement, empowering Chief Procurement Officers to add AI agents working alongside humans. Agents work around the clock with autonomy and authority to find negotiation opportunities and close supplier deals at scale. Pactum agents are trusted by over 50 of the world's largest enterprises, delivering measurable value and enabling agility for procurement operations. To find out more, please visit the website: About Insight Partners Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2024, the firm has over $90B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit or follow us on X @insightpartners. Media Contact The Jargon Group – pactum@ SOURCE: Pactum View the original press release on ACCESS Newswire
Miami Herald
09-06-2025
- Business
- Miami Herald
Pactum Secures $54 Million in Series C Funding to Scale Agentic AI in Procurement
MOUNTAIN VIEW, CA / ACCESS Newswire / June 9, 2025 / Pactum, a leading Agentic AI platform for enterprise procurement, today announces its Series C fundraise of $54 million. This round, led by global software investor Insight Partners, brings the company's total funding to date to more than $100 million and will help bolster enterprise procurement with Agentic AI solutions that work alongside humans to negotiate and close supplier deals at scale. This investment follows Pactum's most successful year to date, marked by impressive achievements across multiple areas. Its platform saw a 489% increase in spend handled by its AI agents, a 2.5x boost in annual recurring revenue, and the addition of over 25 new Global 2000 customers, including Honeywell, Novartis, and Tetra Pak. Pactum has empowered over 50 large enterprises including Walmart, Veritiv, Suez, Linde Group, Global Industrial, Mediclinic, Vallen, and Otto with AI agents to deliver savings autonomously with their suppliers. The largest of these deals was valued at $140.5 million, while the fastest deal was entirely negotiated and signed by Pactum's AI agents in just 87 seconds. Pactum is redefining what is possible in enterprise procurement. "This funding represents a significant milestone in our journey," commented Kaspar Korjus, CEO at Pactum. "It enables us to accelerate the transformation of procurement by empowering professionals to work alongside AI Agents, freeing up teams to focus on more strategic and meaningful work. With this investment, we can scale our market reach and grow our portfolio of AI agents with new innovations that benefit organizations looking to transform procurement operations into a competitive advantage." Josh Zelman, Managing Director at Insight Partners concluded, "Pactum has demonstrated substantial growth, with its differentiated position in the market and impressive capabilities to automate end-to-end procurement processes through AI agents. The company is committed to driving greater value for its customers and helping them execute autonomous savings at scale. We look forward to partnering with the team on Pactum's ongoing growth and solution evolution." As part of the investment, Zelman will join Pactum's board of directors. -ENDS- About Pactum Since 2019, Pactum has been leading the agentic AI transformation in procurement, empowering Chief Procurement Officers to add AI agents working alongside humans. Agents work around the clock with autonomy and authority to find negotiation opportunities and close supplier deals at scale. Pactum agents are trusted by over 50 of the world's largest enterprises, delivering measurable value and enabling agility for procurement operations. To find out more, please visit the website: About Insight Partners Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2024, the firm has over $90B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit or follow us on X @insightpartners. Media Contact The Jargon Group - pactum@ SOURCE: Pactum
Yahoo
24-05-2025
- Business
- Yahoo
Hinge Health (HNGE) Jumps 19% in Debut After $437 Million IPO
Hinge Health (HNGE, Financials) just pulled off something rare in this IPO market: an actual win. On its first day as a public company, it spiked nearly 20%. That's not just a good signit's a pulse check for tech IPOs. Warning! GuruFocus has detected 2 Warning Signs with BAH. Let's be real: tech IPOs lately have been more meh than money. But Hinge came through. The stock hit the NYSE with a $32 price tag and immediately sprinted. By the close? $37.56. Investors are clearly buying the storyand the numbers. This isn't a company selling vibes. It's selling results. First quarter revenue jumped 50% to $123.8 million. It also flipped from a loss last year to $17.1 million in profit. In this market? That's rare air. What do they do? Hinge basically replaces your physical therapist with your phone. They've built a digital platform for musculoskeletal careinjury recovery, chronic pain, post-op rehabwithout stepping foot in a clinic. Founded in 2014 by two guys who went through brutal rehab themselves, Hinge now works with over 2,250 employers and half a million-plus members. That includes nearly half the Fortune 100. Safe to say, they've scaled. And investors? They're the usual A-list suspects: Tiger Global, Insight Partners, Coatue. Everyone's here. Including the co-founders, who now have stakes worth hundreds of millions. Not bad for a startup born from back pain. The takeaway? This wasn't just a good debut. It was the kind of debut that could re-open the IPO window for digital healthand give tech some much-needed momentum. This article first appeared on GuruFocus.
