Canadian co-founded startup NationGraph is developing an artificial intelligence (AI) procurement intelligence platform aimed at assisting teams that sell to governments. The startup, which has offices in San Francisco, Toronto, and Miami, seeks to streamline access to critical data for vendors navigating the complex landscape of US government contracting.
As advancements in large-language models enhance the ability to distill massive amounts of complex data, startups are increasingly leveraging these technologies to offer business intelligence as a service. NationGraph is among this new generation of AI-native startups, building on foundational work established by companies like Anthropic.
Last week, NationGraph announced the successful completion of an $18 million USD (approximately $24.6 million CAD) Series A funding round, led by California-based Menlo Ventures. Other participants in the funding round include Perplexity Fund, XYZ Venture Capital, Reach Capital, and several angel investors. This financing brings NationGraph’s total funding to $22.5 million USD, although the company did not disclose its valuation.
The US is home to over 90,000 government entities, including municipalities and counties, which often operate on varying budgets and timelines when looking to procure goods and services. According to co-founder and CTO Eden Ding, information about government purchases is frequently hard to locate, often outdated, inaccurate, and challenging for vendors to utilize effectively at scale. “We want to give teams selling to governments research capabilities several times their size,” Ding remarked.
NationGraph claims its platform can identify and surface critical data across US government buyers, offering insights into past purchasing decisions and key contact information. Much of this information is publicly accessible, but it is often hidden within meeting minutes, budget documents, and requests for proposals. To enhance data accessibility, the platform also automates freedom-of-information requests, facilitating the retrieval of information not readily available.
The startup primarily serves mid-market government vendors, ranging from software providers to janitorial services selling essential office supplies. While NationGraph currently focuses on US procurement and government data, Ding indicated a roadmap for incorporating Canadian government-specific data based on customer interest.
Approximately half of NationGraph’s 20-person team operates out of Toronto. Ding, a native Canadian and alumnus of the University of British Columbia, co-founded the company with Kimia Hamidi, who studied at the University of Victoria. Both founders possess backgrounds in finance and data management; Hamidi served as head of savings at the US corporate spend scale-up Ramp following its acquisition of his price intelligence startup, Buyer, in 2021. Ding previously worked as a quantitative developer at US investment firm Citadel.
Menlo Ventures, established in 1976, is a prominent Silicon Valley early-stage venture firm managing assets exceeding $6.8 billion USD. The firm has invested in notable companies, including Chime and Uber. “We’re proud to lead NationGraph’s Series A as they bring transparency to the broken process of government procurement,” said Menlo Ventures partner Croom Beatty, who will also join NationGraph’s board. He emphasized that the company’s intelligence platform enables vendors to “discover new revenue opportunities and then execute against them.”
NationGraph currently operates on a software subscription model charged per seat. However, Ding mentioned the possibility of adapting the pricing structure based on usage as the company looks to introduce additional automation features into its offerings.
The recent funding will be utilized, in part, for product development, focusing on enhancing its research infrastructure to optimize data output structuring. NationGraph is also in the process of hiring for engineering, marketing, and sales positions across its three locations. This geographical diversity allows the company to cultivate a robust team and culture while tapping into regional talents.
As the demand for streamlined government procurement processes continues to grow, NationGraph’s efforts to harness AI for increased transparency and efficiency could turn it into a pivotal player in the government contracting landscape.
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