Nitoel Co., Ltd.
Nitoel Launches SaaS to Support Procurement DX for Major Manufacturers and Raises 100 Million Yen
Nitoel Co., Ltd. (Headquarters: Shinagawa-ku, Tokyo; Representative Director: Junta Tsuji) will launch a procurement support service ” Nitoel” will be officially released.
At the same time, we would like to inform you that we have raised 100 million yen through a third-party allotment capital increase underwritten by Coral Capital and a seed round with loans from multiple financial institutions.
◆ Background of “Nitoel” development
The manufacturing industry in Japan accounts for about 20% of all industries in terms of GDP, and is the largest industry in Japan with about 15% of the total number of employees, and has a large global presence. Direct materials (parts, materials, etc.), which account for a large part of manufacturing costs in the manufacturing industry, are an important factor accounting for 60% to 70% of sales. However, due to various reasons, procurement operations that control the cost of direct materials have not progressed in digitalization, and the shift to efficient and advanced operations has been delayed. Due to the daily routine work and unorganized information, it continues to be difficult to handle strategic quotation work. Solving these problems and providing a service that enables procurement to be carried out scientifically using data without relying on experience and intuition will help the Japanese manufacturing industry regain its international competitiveness, and the industry as a whole. We believe that this will lead to a major contribution to the Japanese economy through increased profits.
◆ Service Overview About Procurement Support Service “Nitoel” “Nitoel” is a product that provides end-to-end support for efficiency and cost reduction in procurement departments.
Aggregate information that was previously managed by e-mail, paper, or by individual personnel, support the execution and practice of reliable procurement operations without hassle, and realize inputless and automation of business flow using AI. This encourages efficiency. In addition, it will be possible to realize advanced procurement by outputting multi-dimensional analysis data that can be realized by integrated management of data such as items, suppliers, quotations, purchase results, etc.
So far, “Nitoel” has been introduced in multiple companies in the beta version, but with today’s official release, we aim to introduce a total of 30 companies by the end of 2023.
◆ Current status of Nitoel and purpose of fund raising
Currently, we are providing services to multiple users who have already agreed with our vision and have decided to introduce “Nitoel”. Nitoel will focus on creating value so that the procurement of academic affairs can be developed more efficiently and to a higher degree.
To that end, the funds raised this time will be fully invested in strengthening development.
◆ About Nitoel Co., Ltd.
Nitoel provides procurement support service “Nitoel” as well as procurement strategy and analysis services to accelerate procurement reforms in the manufacturing industry.
In addition to providing these services, we also cover cooperation with other systems, such as core systems, in order to maximize the output from “Nitoel”.
◆ Comments from investors
Coral Capital Senior Associate Miyako Yoshizawa
Nitoel is a startup that develops SaaS that promotes DX in the complex procurement business of major manufacturers, especially in the sourcing area, and promotes operational efficiency and cost reduction. Since we invested in the company about a year ago, we have been seeing results from our stealth approach to our customers. I am confident that it is because of Mr. Tsuji and other members who have been involved in the industry for a long time that it will be possible to reduce the workload and make further use of the data.
◆ Information on online recruitment events
I will participate in this event.
Many members from nitoel will be participating, so please come and visit our booth.
We are looking for members to work with us.
https://nitoel.notion.site/nitoel-1653b6a2a93c4832819fc6b800e307ea [Image 4
Details about this release: