Doss raises $55M for AI inventory management that plugs into ERP

Doss, an innovative startup, has recently announced a significant funding milestone, raising $55 million in a Series B round co-led by Madrona and Premji Invest, with contributions from Intuit and other investors including Theory Ventures, General Catalyst, Contrary Capital, and Greyhound Capital. Founded in 2023, Doss aims to transform the landscape of inventory management by seamlessly integrating its AI-driven solutions with existing enterprise resource planning (ERP) systems. The emergence of AI-centric ERP startups like Rillet and Campfire has highlighted the limitations of traditional systems, often criticized for being cumbersome, costly, and slow to implement. Despite the advancements in AI, Doss co-founder and CEO Wiley Jones points out that many of these new platforms still fall short in providing comprehensive inventory management solutions that synchronize physical goods data with financial records. Doss's approach focuses on creating an AI-native inventory management layer that can integrate with both legacy ERPs and those developed by newer, AI-based companies. This strategic pivot came after Doss initially aimed to compete directly with AI-native accounting platforms. Instead, the team decided to collaborate with them, providing a unique value proposition within the supply chain management space. Jones elaborated that while many AI-native ERP providers manage key financial functions such as accounts receivable and payable, they often overlook the critical areas of procurement and inventory management. He emphasized that Doss is dedicated to enhancing supply chain traceability by working alongside finance and accounting systems, exemplified by partnerships with renowned companies like Intuit, the creator of QuickBooks. The startup primarily serves mid-market consumer brands, typically generating between $20 million to $250 million in revenue. One notable client is Verve Coffee Roasters, a premium specialty coffee brand. As Doss positions itself against established ERP giants, it faces competition from companies like NetSuite, which has recently updated its AI capabilities, and emerging procurement-focused startups such as Didero. Jones acknowledges the challenges of selling a dual ERP system—one for accounting and another for inventory management. However, he believes that the complexity of implementing traditional ERPs is driving many customers to opt for two modern, AI-enhanced solutions. "The competition within the mid-market is going to be fierce, and it will ultimately hinge on which company can create the most user-friendly and adaptable architecture," he stated.