Funding · Enterprise Software & IT

Freehand raises $75 Mn for AI procurement platform

By Startup Enthusiast · 29 July 2026

What they do

Freehand builds AI agents that automate procurement, supplier management, and invoice processing for enterprises

It raised $75 Mn in a round co-led by Battery Ventures and NewRoad Capital Partners, with PSP Growth and Nexus Venture Partners participating

Enterprise AI startups are attracting growing VC share as businesses move beyond AI assistants to workflow automation

Freehand raised $75 Mn (₹718 Cr) in a funding round.
The round was co-led by Battery Ventures and NewRoad Capital Partners.
PSP Growth, the venture arm backed by former US Commerce Secretary Penny Pritzker, participated.
Existing investor Nexus Venture Partners also participated.
The company was founded in 2024 and operated in stealth until this announcement.
It will use the funds to expand its AI platform for enterprise supply chain spending workflows.

Venture capital is flowing more heavily into enterprise AI startups as companies shift from AI assistants to workflow automation.
Earlier in 2026, Sarvam AI raised $234 Mn in Series B at a $1.5 Bn valuation, with HCLTech investing $150 Mn.
Earlier this month, AI startup Emergent raised $70 Mn in Series B led by SoftBank Vision Fund and Khosla Ventures, becoming a unicorn.
Enterprises are experimenting with agentic AI that performs tasks with limited human intervention, not just text or recommendations.

Freehand's AI agents handle procurement, supplier management, invoice processing, payments, and contract compliance.
The platform replaces manual processes and legacy software.
The AI agents execute decisions across enterprise systems.
Customers include Meta, Unilever, Johnson & Johnson, Pfizer, Dunkin’, and Cardinal Health.
In complex procurement categories, customers reduce spending by 5-10%.
Workflows are completed 5-7X faster.
Procure-to-pay cycles are reduced by over 70%.

Battery Ventures (co-lead)
NewRoad Capital Partners (co-lead)
PSP Growth (participant) — Venture arm backed by former US Commerce Secretary Penny Pritzker.
Nexus Venture Partners (existing)