Dallas tech unicorn o9 Solutions—an AI-powered platform for supply chain planning and demand forecasting—announced it has raised $116 million in new funding from existing investors, led by General Atlantic’s BeyondNetZero. The raise boosts o9’s valuation to $3.7 billion, the company said.

Existing investors KKR and Generation Investment Management also participated in the round. o9’s new valuation is up from $2.7 billion on the occasion of the company’s last investment round in January 2022.

The company, founded in 2009, became a unicorn in 2020 and achieved double unicorn status with its 2022 valuation.

“The investment by our existing investors at a premium to our last funding round and against a backdrop of an overall pullback in market valuations is continued validation of our performance and execution against our long-term strategy,” co-founder and CEO Chakri Gottemukkala said in a statement. “We will continue our strategy of client satisfaction and innovation as a driver of efficient growth across industry verticals and markets.”

o9 said the funding will be used to expand its AI capabilities for its growing customer base that includes PepsiCo, URBN, Nestle, ABInBev, Walmart Canada, Pirelli, New Balance, GE, and others.

The company said the investment comes after a period of continued outperformance by o9, including 55% year-over-year growth in Annual Recurring Revenue (ARR) as of the second quarter of 2023. The company also reported 67% year-over-year ARR growth as of Q1’23 and 65% growth in 2022.

‘More sustainable supply chains’—and a new board member

Along with the investment, o9 announced that General Atlantic Operating Partner and tenured business executive Gary Reiner has joined its board of directors, bringing with extensive experience at the intersection of technology, strategy, and operations.

Reiner joined General Atlantic in 2010 and provides strategic support and counsel to the firm’s technology investment teams and portfolio companies.

Before General Atlantic, Reiner was senior vice president and chief information officer at General Electric for nearly 20 years.

Prior to that, he was a partner with The Boston Consulting Group. He serves on the boards of several public companies, including Hewlett-Packard Enterprise and Citigroup.

“We continue to be thrilled with o9’s terrific customer value proposition, offering truly material and measurable outcomes relative to traditional planning software vendors and thereby providing strong blue chip client satisfaction,” Reiner said in a statement.

“Since we first partnered with o9 in early 2022, the company has helped deliver significant revenue growth, working capital improvements and expense reductions for many large global enterprises,” Renner added. “Our deepened support of o9 reflects the enthusiasm we have for the business and its seasoned management team, particularly as their innovative model supports the transition to more sustainable supply chains across the enterprise. We look forward to our continued partnership.”

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