Globality, the tech company that uses artificial intelligence to help companies find services, has secured an investment of $100 million from the SoftBank Vision Fund.
Founded three years ago by Joel Hyatt and Lior Delgo, Globality’s total funding is now $172 million. As part of the investment, Jeffrey Housenbold and Ted Fike of SoftBank Investment Advisers will join the company’s board.
This latest round of capital infusion will enable Globality to exponentially accelerate its growth through investment in its AI technology, increasing business capacity by hiring additional world-class talent within engineering, product, and client teams, and expanding its Marketing and Sales programs to drive brand awareness and acquire new enterprise businesses.
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Globality is backed by former Vice President Al Gore; Dennis Nally, former Global Chairman of PwC; Ken Goldman, former Chief Financial Officer of Yahoo; John R. Joyce, former Chief Financial Officer of IBM, and Mark Vorsatz, CEO of Andersen Tax.
Through its AI-powered Platform, Globality is bringing digital disruption to procurement of B2B services and revolutionizing the RFP process. Globality efficiently matches companies with service providers that meet their specific needs, cutting the sourcing process from months to hours, and delivering savings of 20% or more for companies.
“I’m excited to welcome the SoftBank Vision Fund as the latest investor in Globality. It is a strong vote of confidence in our vision to revolutionize how companies source services. This investment will accelerate our efforts to empower companies to find and select the best service providers at the right price for every project, while enabling greater economic inclusion around the world,” said Joel Hyatt, co-founder, chairman and CEO of Globality.
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“Professional services represent a multi-trillion global market but procurement is mainly still a cumbersome manual process. Globality has spent several years in developing proprietary AI-enabled matchmaking capabilities to address these inefficiencies head-on. Pioneering a two-sided, international marketplace creates benefits for both enterprise clients and service providers, and with it the potential for Globality to capture massive network effects as the platform continues to scale. It’s exciting to support Joel and his team on this journey,” Jeffrey Housenbold, Managing Partner at SoftBank Investment Advisers.
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