Freehand, a San Francisco-based AI startup focused on autonomous agents for enterprise supply chain operations, has raised $75 million in a funding round co-led by Battery Ventures and NewRoad Capital Partners, according to inc42.com. The round also included PSP Growth, Nexus Venture Partners, and others. Founded in 2024 by Pando cofounders Nitin Jayakrishnan and Abhijeet Manohar, Freehand plans to use the capital to expand its AI platform that automates supply chain spending workflows for large enterprises.
The startup has been operating in stealth mode and develops AI agents that manage procurement, supplier management, invoice processing, payments, and contract compliance. These AI agents replace manual processes and legacy enterprise software by executing decisions across enterprise systems. Freehand’s platform is already deployed at companies such as Meta, Unilever, Johnson & Johnson, Pfizer, Dunkin’, and Cardinal Health, according to inc42.com.
Freehand claims its AI agents help customers save 5-10% on spending in complex procurement categories, complete workflows 5-7 times faster, and reduce procure-to-pay cycles by more than 70%. This funding round highlights the increasing investor interest in enterprise AI startups that move beyond simple AI assistants to software capable of automating entire business processes, reflecting a broader trend in the AI sector.
The $75 million funding round led by Battery Ventures and NewRoad Capital Partners marks a significant capital infusion for Freehand as it seeks to scale its platform. The startup’s ability to attract participation from PSP Growth, backed by former US Commerce Secretary Penny Pritzker, underscores the growing confidence in AI-driven enterprise solutions, according to inc42.com.