Vancouver-headquartered Conexiom has received a $40 million strategic growth investment from ICONIQ Capital. ICONIQ joins existing investor, Luminate Capital, which will retain a majority stake.
Conexiom is focused on eliminating manual order processes and helping customers deliver a superior customer experience. Conexiom is the only vendor in the market that delivers touchless order processing with 100 percent data accuracy.
Currently, more than $8.4 trillion dollars of business-to-business sales orders are still manually processed In North America alone.
ICONIQ’s investment follows a record performance of 70 percent year on year growth for Conexiom. Over $100 billion in business-to-business sales are processed through 22 million transactions on the Conexiom platform annually.
“The world is changing. COVID-19 is accelerating the modernization of antiquated business processes and forcing every business to become a digital business,” said Ray Grady, President and CEO, Conexiom. “We are thrilled to welcome ICONIQ to Conexiom. The support of ICONIQ and Luminate is a validation of our mission and furthers our commitment to help our customers grow and transform their businesses.”
“We will use the funding to help us to better serve customers through accelerated platform development, with an increased investment in machine learning and artificial intelligence, extend our technology to other critical business processes beyond order and invoice automation, and expand our footprint in global markets.”
Luminate Capital Partners acquired ecMarket (dba Conexiom) in February 2018. Conexiom is based in Vancouver and has offices in Kitchener, Chicago, and London, England.