Market Domination: Accelerate Your Growth Through Strategic GTM Funding
A statement said that GVFL (formerly known as Gujarat Venture Finance Limited) and cross-border venture capital firm Dallas Venture Capital (DVC) were the primary backers of the $5 million Series A round of funding that the enterprise expenditure management platform had received. Dice claims that it optimizes and improves business-to-business (B2B) spending across several channels (e.g., travel, reimbursements, interest to procurement, accounts payable, and utility payments) by the use of artificial intelligence (AI).
The funds will be used by the company for its go-to-market (GTM) activities, which aim to increase market penetration, reach a wider audience, fine-tune marketing and sales tactics, and improve the user experience through the application of artificial intelligence. Emerging technology investments include cloud infrastructure, business-to-business software as a service (SaaS), artificial intelligence (AI), machine learning (ML), mobile, and virtual reality (VR). DVC is a venture capital firm with offices in America and India.
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Industry Comments
Kamal Bansal, Managing Director at GVFL, mentioned that Dice is addressing critical inefficiencies in corporate spending processes by leveraging AI in their horizontal no-code solution. He added that the company, with its rock-solid GTM strategy, has scaled effectively and formed various partnerships, thereby building an impressive clientele.
Gokul Dixit, a Partner at Dallas Venture Capital, highlighted that Dice offers a distinctive value proposition by uniquely leveraging GenAI to enable enterprise spend process automation, easy workflow configuration, and consequent cycle time reduction, which frees up significant working capital for an impressive array of partners and clientele.
Dice’s co-founder and CEO Prashant Singh Kushwah stated that the money will allow the company to increase the value it provides to customers, grow fast in international markets, and broaden its product offerings. With a compound annual growth rate (CAGR) of 11.9%, Fortune Business Insights predicts that the worldwide market for business expenditure management software will increase from $19.07 billion in 2022 to $46.42 billion in 2030. Businesses are increasingly embracing and integrating cloud-based solutions and AI, which is projected to fuel the expansion. Kushwah expressed that the company aims to democratize spend management for all stakeholders through inclusive commerce, transaction processing capabilities, and payment rails.
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