“The Best Service Provider at the Right Price for any Project”
Founded: 2015 in Menlo Park, USA

Category: Artificial Intelligence

Primary office: Menlo Park, CA (USA)

Core technical team: Menlo Park, USA

Status: Private

Employees: 150

Amount raised: $172.3 million (4 rounds – January 2019)

OVERVIEW

  • Globality leverages on machine learning and artificial intelligence to provide an online Business-to-Business (B2B) marketplace to help companies strategically match their enterprise service and project procurement needs – such as HR, IT, Marketing, Legal, Consulting, etc. – with the right service providers, consisting of small to medium scaled businesses
  • Uses Natural Language processing to create a project brief based on client’s business requirement specified through integration with its AI-driven platform – GLO. The platform also provides diverse, timely and merit-based recommendations with competitive pricing to aid client’s decision.

 

PERFORMANCE METRICS

  • Valuation – $1 billion (2019)
  • Revenue – $8 million est. (2019)

 

ACHIEVEMENTS

  • Available in 100 countries
  • 40 million business recommendations completed through platform (2019)
  • Best CEO & Happiest Employee Awards (Comparably, 2019)
  • Various compliance and certifications met

Sells

  • Glo – Smart sourcing (Brief- Matching-proposal- Selection) – uses natural language processing to better define the scope of each client’s project’s specific requirements; supports comparison of multiple service providers focusing on finding the best provider at the right price

Channels

  • Online and Mobile user-friendly Interface
  • Direct B2B API integrations e.g. HSBC

Competencies

  • Highly secured and encrypted multi-layered enterprise interface/platforms/technologies
  • Scalable platform technologies with resilience and security
  • A large and growing Project knowledge database across Project development life cycle – enables speedy matching of service needs with providers
  • Corporate culture emphasizing information security – security policy informed by Globality’s core values, code of conduct and business ethics

Resources

Assets

  • Globality platform – multilayered secure architecture
  • Founders- Joel Hyatt and Lior Dielgo- both serial entrepreneurs of disruptive companies
  • Large global network of service professionals and providers (17,000 providers and 800,000 professionals) – vetted providers; ability to bring in existing suppliers onto Globality platform
  • Strategic partnerships e.g. HSBC, WebEnertia (Silicon-valley Digital Advertising agency)
  • Leverages Amazon Web Services to support scaling and rapid deployment

Processes

  • Online and Mobile app-enabled platforms (including Web, iOS, Android)
  • AI-driven merit-based comparisons of proposals
  • User-feedback and co-creation through reviews, ratings and recommendations to aid future selections
  • Integrated single-payment system
  • Extensive cybersecurity including secure architecture; authentication, authorization and auditing; encryption; secure software development life cycle; ongoing security assessments and testing
  • Infrastructure as code (IaC) – enables launching of entire infrastructure in under an hour

Priorities

  • Grow diversified and talented workforce
  • Increase customer base and revenue

Assertions That Best Describe What the Company Did to Scale Early, Rapidly & Securely

  1. Increase value by arranging and directing a community comprised of groups that are external and internal to the company and connect everything needed to scale.
  2. Develop and sell products that address a problem, job to be done or a need that is shared by a large and growing number of individuals and organizations in various regions to increase sales.
  3. Increase demand by using scientific and technological advances to develop innovative products and services
  4. Increase market share by applying digital technology to brand, market, sell, and service customers more cost-effectively than competitors
  5. Increase sales by applying big-data analytics to produce information about users, suppliers and customers
  6. Increase value by forming good opportunities, combining external and internal resources, and operating across borders to raise capital
  7. Continuously improve the user interfaces and applications that directly influence the entirety of the customer experience including personalized content and quality messaging to increase sales
  8. To increase value, attain stakeholders’ trust by improving cybersecurity of the company and the players it works with
  9. Increase market share by applying digital technology to brand, market, sell, and service customers more cost-effectively than competitors
  10. Increase the company’s value by continuously seeking and receiving funding to support the company’s plan to scale and improve its image in the marketplace

References

Business Wire. 2019. Globality and HSBC enter into agreement to realize the financial services leader’s vision for AI-driven self-serve procurement. [online]. Business Wire. https://www.businesswire.com/news/home/20190521005295/en/Globality-HSBC-Enter-Agreement-Realize-Financial-Services?hsCtaTracking=fa621a06-5440-4412-8c96-81f7cde9f8a3%7Ce629a16d-a1a9-4f15-b5ea-f3176781b87d

 CBInsights, The Global Unicorn Club. https://www.cbinsights.com/research-unicorn-companies

Crunchbase. 2019. Globality. https://www.crunchbase.com/organization/globality-inc#section-funding-rounds

Geron, T. 2018.Soft Bank invests $100million in Online marketplace Globality. [online]. Wall Street Journal.  https://www.wsj.com/articles/softbank-invests-100-million-in-online-marketplace-globality-11548160201

Globality website. https://www.globality.com/en-us/

Owler. 2019. Globality. https://www.owler.com/company/globality


Contributors

  • Yinka Olanrewaju-Olawepo
  • Dan Craigen