Below are five ways of building that early traction, touching on all key players: the buyers, the adopters, and the users.

Deploying AI fast and deploying it well are increasingly at odds.

Procurement is defined by its complexity. Managing suppliers across geographies, juggling risk across complex supply chains, and enforcing spend policy while finding savings: none of this is straightforward.

In traditional SaaS, where licenses are typically tied to seats, ROI is often modeled as incremental productivity per user. That approach fit a world where software extended what people could do, but didn’t replace or autonomously execute much of the work itself.

The arrival of AI agents is changing how organisations assess technology. As AI agents become central players in knowledge work, the familiar software playbook is quickly becoming irrelevant.

Value leakage costs large enterprises roughly 2% of annual spend—or $40M for a $2B procurement budget. Solving it is a top priority for leaders, but fixing the leaking bucket isn’t easy.

Since ChatGPT burst onto the scene in 2020, over $30 billion of enterprise dollars have poured into GenAI initiatives. Most of this spending has gone to shiny AI tools, chatbots, or costly internal builds promising quick wins.

Today, we’re excited to share a big milestone on our journey: Magentic has raised $5.5 million from Sequoia Capital, First Momentum, and The Westly Group.

Robin, Odhran and their team have created AI "Mages" that work seamlessly alongside procurement teams to clarify and simplify supply chains - helping enterprises save time and money.

We’ve joined Sequoia and The Westly Group in backing Magentic, which is building enterprise-grade AI agents that autonomously recover millions in lost procurement value. Founded by a supply chain veteran and an ex-OpenAI engineer, Magentic combines deep domain expertise with cutting-edge technical execution.

We’re thrilled to share The Westly Group is investing in Magentic’s $5.5M Seed round, alongside Sequoia Capital and First Momentum Ventures.

Magentic uses AI agents to cut hidden costs in supply chains, helping companies boost efficiency while keeping human oversight at the centre.