o9 Solutions, an India-based enterprise artificial intelligence (AI) software platform provider has on Wednesday announced that its existing investors, led by General Atlantic’s BeyondNetZero, have invested an additional $116 million in the company.
Existing investors KKR and Generation Investment Management also participated in the round, o9 Solutions said in a statement.
The investment values o9 at $3.7 billion, up from $2.7 billion since the company’s last investment round in January 2022.
“The investment by our existing investors at a premium to our last funding round and against a backdrop of an overall pullback in market valuations is continued validation of our performance and execution against our long-term strategy,
“We will continue our strategy of client satisfaction and innovation as a driver of efficient growth across industry verticals and markets,” said Chakri Gottemukkala, Co-Founder and Chief Executive Officer of o9 Solutions.
The investment follows a period of continued outperformance by o9 Solutions, including 55 percent year-over-year growth in annual recurring revenue (ARR) as of the second quarter of 2023.
The company also reported 67 percent year-over-year ARR growth as of the first quarter of 2023 and 65 percent growth in 2022.
In conjunction with the transaction, o9 Solutions also announced that General Atlantic Operating Partner and Tenured Business Executive Gary Reiner has joined the company’s Board of Directors, bringing deep expertise at the intersection of technology, strategy and operations.
Reiner joined General Atlantic in 2010 and provides strategic support and counsel to the firm’s technology investment teams and portfolio companies.
Prior to joining General Atlantic, he served as Senior Vice President and Chief Information Officer at General Electric for nearly 20 years.
Prior to that, he was a Partner with The Boston Consulting Group.
Reiner also serves on the boards of several public companies, including Hewlett-Packard Enterprise and Citigroup.
“We continue to be thrilled with o9’s terrific customer value proposition, offering truly material and measurable outcomes relative to traditional planning software vendors and thereby providing strong blue chip client satisfaction,” said Gary Reiner, Operating Partner at General Atlantic.
“Since we first partnered with o9 in early 2022, the company has helped deliver significant revenue growth, working capital improvements and expense reductions for many large global enterprises,
“Our deepened support of o9 reflects the enthusiasm we have for the business and its seasoned management team, particularly as their innovative model supports the transition to more sustainable supply chains across the enterprise. We look forward to our continued partnership,” he added.
Established in 1980, General Atlantic is a global growth equity firm with more than four decades of experience providing capital and strategic support for over 500 growth companies throughout its history.
The firm has more than $77 billion in assets under management inclusive of all products as of June 30, 2023, and more than 220 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv.
BeyondNetZero is the inaugural companion fund for the growth equity firm’s climate investing efforts.
o9 Solutions offers a AI-powered planning, analytics and data platform called the Digital Brain that helps companies across industry verticals transform traditionally slow and siloed planning into smart, integrated and intelligent planning and decision making across the core supply chain, commercial and profit and loss (P&L) functions.
With o9’s Digital Brain platform, companies are able to achieve improvements in quality of data, ability to detect demand and supply risks and opportunities earlier, forecast demand more accurately, evaluate what-if scenarios in real time, match demand and supply intelligently and drive alignment and collaboration across customers, internal stakeholders and suppliers around the integrated supply chain and commercial plans and decisions.
Indian open-source low-code platform ToolJet raises funding from Microsoft’s M12 Fund, GitHub