Doss, an AI-powered ERP and data platform, today announced its $18 million Series A funding round led by Theory Ventures. Tomasz Tunguz, founder of Theory Ventures, will join the Board as part of its investment. Doss will use this new injection of capital to expand its team, expand outside of the US market, and continue the buildout of its core platform.
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Despite being one of the largest software markets ($100B+ and still growing), ERP has an uneven scorecard. Between Gartner, McKinsey, and the vendors themselves, ERP implementation failure rate is estimated to be anywhere between 55%-75%, with typical projects lasting 12-18 months (Gartner). In a recent CIO survey, 50% of the teams that implemented these solutions believe the projects failed to achieve even half the ROI promised during the pre-sales process. Just this year, international grocery chain Spar Group Ltd. made waves when it reported losing $107 million as a result of a failed ERP installation.
“For every dollar spent on enterprise resource planning (ERP) software, three are spent on the surrounding professional services: maintenance, support, implementation. These fees make up anywhere from 50-80% of the total cost of ownership of an ERP,” notes Wiley Jones, CEO and co-founder of Doss. “SAP is about to celebrate its 53rd anniversary in April. The market is filled with what are undeniably great companies but they’ve categorically destroyed the goodwill of their customer-base and aren’t incentivized to join the AI platform shift. By being one of the few to embrace newer technologies, we’re not just going after the software licenses. We think the entire market is up for grabs.”
To make this possible, Doss has devised a novel ERP architecture with ergonomics designed for both humans and LLMs. It’s an entirely composable, loosely connected collection of databases, cloud services, and workflows that can be easily re-configured by AI agents. Doss takes as fast as two days to fully implement, while incumbent systems can take years. This ease of adoption is one of the driving forces of Doss’s success across a wide-range of industries and customer use cases, including:
- organic peanut butter brand Spread the Love, served in the smoothie at Barry’s Bootcamp;
- high-growth multi-channel teeth-whitening brand Snow, and;
- a flooring company that furnishes the New York City and Miami offices of major investment banks and hedge funds.
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“Today’s ERP platforms are built on legacy architectures that will not keep up with modern software needs and the coming AI revolution. We’re excited to partner with Doss as they lead this category into the next generation,” said Tomasz Tunguz, founder of Theory Ventures.
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