Freehand Raises $75 Million to Deploy AI Agents in Fortune 500 Supply Chains
Freehand Raises $75 Million to Deploy AI Agents in Fortune 500 Supply Chains #
San Francisco-based Freehand has closed a $75 million Series B round to scale autonomous AI agents that handle day-to-day management of supply-chain spend for large enterprises, the company announced on July 29.
Battery Ventures and NewRoad Capital Partners co-led the financing. PSP Growth, the fund chaired by former US Commerce Secretary Penny Pritzker, and Nexus Venture Partners also joined. The round brings Freehand’s total capital raised to $100 million, following a $25 million Series A completed in March 2024. The company did not disclose a valuation, though CEO and co-founder Nitin Jayakrishnan described it as a significant step up from the previous round, according to Crunchbase.
Where conventional spend-management platforms such as Ramp focus on corporate cards and employee travel, Freehand targets the non-standard procurement, logistics, raw-materials, and labor costs that run through a company’s supply chain. Its AI agents read supplier contracts, negotiate rates, catch overbilling, manage supplier relationships, process payments, and reconcile results directly inside a company’s existing ERP systems, according to the company.
Freehand says the platform is live at Meta, Unilever, Johnson & Johnson, Pfizer, Dunkin’, and Cardinal Health. Across early deployments, customers have reported recovering 5 to 10 percent of spend in complex categories, completing workflows five to seven times faster, and cutting procure-to-pay cycle times by more than 70 percent. PYMNTS, which reported those figures, noted they have not been independently verified.
Battery Ventures general partner Dharmesh Thakker said in the announcement that because Freehand’s agents carry enterprise context and take autonomous actions, they can unlock measurable savings that advisory-only software cannot.
Rising tariffs, shifting tax policy, and tighter immigration rules have eroded the offshore outsourcing arrangements many large companies relied on for back-office operations.
Freehand is competing with a growing number of agentic enterprise startups. Recent comparable raises include Pivot’s $40 million round for an AI procurement system and Norm AI’s $120 million raise.
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