TLDR: Dublin-headquartered Source AI, an Irish-founded startup, has successfully secured $1.4 million in pre-seed funding. The investment, led by Square Peg with participation from notable angel investors, will fuel the development and expansion of its AI-powered procurement platform designed to automate stock purchasing for retailers.
Source AI, an innovative Irish-founded startup headquartered in Dublin and officially registered as QuickFind AI, Inc., has announced the successful closure of a $1.4 million pre-seed funding round. This significant capital injection is set to accelerate the development and market penetration of its cutting-edge AI procurement tool, which aims to transform how retailers manage their stock purchasing.
The funding round was led by Australian venture capital firm Square Peg, known for its early investments in companies like Canva and Airwallex. The round also saw participation from former Stripe CTO David Singleton and the Xtripe angel syndicate, composed of various Stripe alumni. Notably, Source AI’s CEO and co-founder, Liam Fuller, at just 18 years old, becomes the youngest founder in Square Peg’s portfolio, highlighting the immense potential seen in the company’s vision.
Source AI’s core offering is an advanced AI procurement platform that leverages ‘agentic AI’ to automate the complex process of stock purchasing for retailers. The platform addresses a critical pain point for small to medium-sized retailers who often rely on outdated manual processes, such as email and Excel spreadsheets, to manage thousands of SKUs. Source AI integrates with various data sources, including low stock inventory reports, invoices, email inboxes, ERPs, and Excel spreadsheets, to process unstructured data. It then provides buyers with intelligent, data-driven suggestions on what to order and when, streamlining operations and reducing the burden on procurement teams.
According to CEO Liam Fuller, the platform is designed to assist buyers who often work 12 to 13-hour days, helping them understand precisely what they need to buy and when. He expressed his surprise at the continued reliance on manual methods in the retail sector, emphasizing Source AI’s role in offering a modern, API-based alternative to traditional, heavy enterprise resource planning (ERP) systems.
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The newly secured capital will be strategically deployed to double Source AI’s engineering headcount, significantly bolstering its development capabilities. Furthermore, the funding will support the launch of US pilot programs scheduled for this autumn, marking a crucial step in the company’s global expansion. Source AI also plans a relocation to Silicon Valley later this year, positioning itself within a major tech hub. In parallel with its funding success, the company has joined the prestigious NDRC Accelerator in Dublin, operated by Dogpatch Labs, further solidifying its foundation for growth and innovation.
