Lio, an AI procurement startup focused on automating enterprise procurement processes, has announced a $30 million Series A funding round. The round was led by venture capital firm Andreessen Horowitz.

Lio's primary goal is to simplify and optimize enterprise procurement, reducing costs and improving efficiency through the use of AI algorithms. Although the specific details of the technology used have not been disclosed, it is likely that the platform leverages machine learning models to analyze spending data, identify savings opportunities, and automate negotiations with suppliers.

Procurement automation is a growing area, with significant potential to reduce waste and improve visibility into corporate spending. The capital injection will allow Lio to further develop its platform and expand its market presence.