AI STRATEGY
Three months after securing Series A funding to the tune of US $ 33.5m, LightSource CEO Spencer Penn is reflecting on a period of rapid transformation. The procurement technology company has doubled its headcount, whilst building credibility with enterprise customers and top-tier investors including Lightspeed and Bain Capital.
But for Spencer, the real excitement lies in what he sees as a“ second step change” in AI technology that’ s moving beyond simple generative outputs to agentic workflows – a shift he believes will fundamentally alter how procurement professionals work.
Speaking to Procurement Magazine, the Co-Founder discussed AI, working during such challenging times in global trade and why he believes there are more magicians than wizards.
Q. THREE MONTHS AFTER YOUR FUNDING ROUND, HOW HAS LIGHTSOURCE AND ITS AI STRATEGY EVOLVED?
» It’ s been a very exciting three months for us. We went from being a team of less than 20 to being nearly 40 today. We’ ve scaled the organisation and made some critical hires, and having that kind of financial backing brings us tremendous credibility with customers. We’ ve gone from being effectively in stealth mode to suddenly having US $ 33.5m and a substantial valuation – this is one of the largest Series A’ s of the year at US $ 130m valuation from amazing investors like Lightspeed and Bain Capital.
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