Conexiom: Bringing Automation to Manufacturers and Distributors Globally
We are thrilled and grateful to announce our partnership with Ray and the entire Conexiom team!
From our first meeting with Ray, we were compelled by the fundamental principle and vision of the business: process automation. Conexiom sits at the intersection of several core themes we’ve consistently invested behind. B2B purchasing is going through an unprecedented wave of change. Supply chains are becoming increasingly complex and order volumes are growing at astonishing rates.
In Conexiom, we found a business that has tapped into a core value delivery vector in the face of these accelerating trends: providing high fidelity process automation and a system of record for manufacturers and distributors to accelerate and manage the B2B purchasing lifecycle.
Conexiom can offer distributors and manufacturers a fully-automated solution to process supply chain transactions with 100% accuracy.[1] When customers receive sales orders, Conexiom can automatically and intelligently extract and transform the data and directly facilitate the order in the ERP system. The technology allows customers to reduce the cost of processing a sales order by 80% and an invoice by 90%, and helps reduce order cycle times by up to 30%.[1] This can accelerate revenue, increase customer satisfaction, improve employee productivity, and empower enterprises to refocus resources on higher value tasks.
From a process automation perspective, technological adoption amongst manufacturers and distributors remains meaningfully behind. Manufacturers and distributors around the world are working towards the same goals: faster fulfillment, competitive pricing, and digital innovation. Despite the technological advancements made across the enterprise, there are thousands of distributors and manufacturers that still receive customer sales orders via email, phone, or even fax, requiring customer service reps (CSR) to manually enter document data into an ERP system. Today, over 80% of sales orders require manual processing by CSR, a costly, error-prone, and time-intensive process that takes CSR away from servicing customers.[1]
We spent weeks speaking with customers and grew increasingly excited by how much low hanging fruit there was to deliver value in this space. Customers extolled Conexiom’s simplicity, ease-of-use, and the clear and rapid ROI. Conexiom’s products can address a wide number of use cases, including sales order, invoice, and quota automation. Customers are consistently finding new ways to engage with the product, leveraging Conexiom’s core intelligence and process automation capabilities in alternative environments, such as automating shipping confirmation notifications and order acknowledgement. It’s clear to us that Conexiom has just hit the tip of the iceberg, and we are looking forward to locking arms with the team to unlock the potential for this market.
We are delighted to announce ICONIQ’s $40M growth financing into Conexiom. Together with our partners at Luminate Capital, we see a large and immediate opportunity ahead for Ray and the entire Conexiom team. We’re excited by the ways our global network of commercial, technical, and strategic enterprise leaders can support Conexiom’s growth journey. Conexiom joins our broader ecosystem of enterprise software businesses aiming to disrupt the B2B purchase and procurement lifecycle, including businesses such as HighRadius, Coupa, and Apttus. With major offices in Vancouver, Canada, and Chicago, IL, Conexiom also represents our first investment in the Canadian market, an exciting base of amazing talent, and one in which we hope to forge many more partnerships to come. We’re thrilled to join Ray and the entire Conexiom team for the journey ahead!
[1] From Conexiom website
