Investment Memo · Series A · Confidential

Lattice.

A procurement intelligence platform that finds the dollars Finance leaves on the table, every quarter, in every contract. Built by the people who used to write the consulting checks, sold to the CFOs who used to sign them.

Prepared forSequoia Capital
DateOctober 2025
StageSeries A · $28M
Contactfounders@lattice.co
Lattice.
02 · Problem
The problem we set out to solve

CFOs sign 4,000 contracts a year. They read about 40.

01
Spend is invisible at the line item.
Procurement systems store contracts as PDFs. Once signed, no one ever reads them again. Auto-renewals trigger silently, price walks compound year over year, and the only person who could spot it left the company four roles ago.
02
Consultants are the workaround.
Enterprises pay McKinsey, Bain, and the Big Four 30 to 50 basis points of spend, once every three years, to manually re-read what they already own. The deck lands, the partners leave, and the next renewal cycle starts over from zero institutional memory.
03
The leakage is enormous.
Gartner estimates 9 to 12 percent of enterprise spend is lost to contract drift, duplicate vendors, and unused entitlements. Nobody owns the recovery, nobody is measured on it, and the dollars sit in plain sight on every CFO's balance sheet.

The status quo is a quarterly fire drill. Finance teams build spend cubes in Excel, procurement teams chase renewals in Outlook, and legal stores the source of truth in a folder no one searches. The result is a category of preventable loss the size of a midsize public company, sitting on every balance sheet. Every CFO we have spoken to, 142 of them across the last two years, has the same instinct: there is real money in those PDFs, and the cost of finding it has always been higher than the cost of leaving it there. That equation just flipped, and the buyer knows it.

Lattice.
03 · Solution
What Lattice does

A single intelligence layer that reads every contract you sign, forever.

Lattice ingests every contract, invoice, and PO from your existing systems (Coupa, Ariba, Workday, Netsuite, plus the email folder where the rest hides) and produces one continuously updated map of every dollar your company has committed to spend. The ingestion is read-only, sits behind the customer's existing IAM, and produces an audit log that can be handed to internal audit on day one.

Finance leaders ask one question in plain language ("where are we paying twice for the same data feed?") and get a defensible answer with the source contract clause attached. No engagement letter. No 90-day diagnostic. No spreadsheet. The first answer typically arrives 11 business days after kickoff, the first recovery is booked inside 60 days, and the customer's procurement and finance teams own the workflow from week three onward.

Ingest everything you sign
Native connectors to the 14 procurement, ERP, and CLM systems that hold 96 percent of Fortune 1000 spend.
Ask in plain language
Trained on a corpus of 4.2 million enterprise contracts. Every answer cites the source clause, the system of record, and the dollar exposure.
Recover real dollars
Average recovery in the first 90 days is 4.1 percent of addressable spend. Customers pay us 18 percent of what we recover, capped.
Lattice.
04 · Why now
Why this product, why this year

Three curves crossed in the last 18 months.

Cost per contract page, 2018 to 2025
USD, log scale
Q2 2024 long-context unlock $2.40 $0.40 $0.06 $0.004
20182020202220242025
01
From sample to whole corpus.
Reading every contract a Fortune 500 owns used to cost millions in legal and analyst hours. Today it costs the price of dinner. The economics of audit inverted in 18 months, and the architectural choice we made in 2023, to bet on per-customer corpora rather than shared model fine-tuning, lines up exactly with the price curve we see now.
02
From advisory to software.
CFOs slashed consulting budgets 22 percent in 2024 (Source Global). The slack is moving to instrumented software with measurable ROI, not three-month engagements. Every diligence call we run with a Global 2000 CFO surfaces the same question: what is the software equivalent of the McKinsey spend cube, and why is it not already in our stack. We are the first defensible answer.
03
From single agent to systems of record.
Enterprise IT now treats one knowledge plane as table stakes. Procurement is the most measurable, lowest-risk first wedge in: every recommendation maps to a dollar figure, every dollar maps to an invoice, every invoice maps to a contract clause. The audit trail is the product, and that trail is what unlocks the next category once the first one lands.
Lattice.
05 · Market
Market we address

The category we sit in is large, fragmented, and old.

$48B
global spend on procurement software, advisory, and audit services. Growing at 11 percent, dominated by software that is 20 years old.
Gartner Spend Management Forecast, 2025
$18B
Procurement software. Coupa, Ariba, Ivalua. Workflow-of-record, not intelligence. Avg contract size $1.2M, 14 percent annual churn. The category sells filing cabinets at SaaS prices, and every buyer we meet has already paid for one and still cannot answer the question we answer in a week.
$22B
Procurement consulting. Big Four plus McKinsey, Bain, BCG specialist arms. Project-based. The category Lattice converts. Every dollar that moves from a six-month engagement onto a continuously-running platform is a dollar of recurring software revenue replacing one-time labor margin, and the buyer prefers it because the answer keeps refreshing after the analysts go home.
$8B
Contract intelligence & CLM. Icertis, Sirion, Agiloft. Adjacent buyer, complementary workflow. Their wedge is legal, ours is finance, and the three CLM customers who have deployed Lattice alongside their existing stack ran us in parallel rather than as a rip-and-replace, which is the partnership pattern we expect to repeat.
3,200
Global 3500 targets. Median annual spend $4.2B. At our 0.4 percent take rate on captured savings, ACV per logo is $680K. Penetrating just 8 percent of the list, 256 logos, produces a $174M ARR business at current pricing, before any motion into the next tier of mid-market enterprises that the same product serves with a lighter ingestion footprint.
Lattice.
06 · Competition
The competitive landscape

Three incumbents own different slices. None reads the contract.

Workflow incumbent
Coupa & Ariba
Source-to-pay platforms
They are the system of record where contracts get filed. They were built to route approvals, not to read the documents that pass through them. Their AI roadmap is bolt-on summarization, not an intelligence layer.
Advisory incumbent
Big Four & McKinsey
Procurement consulting
They deliver the answer Lattice delivers, but as a six-month engagement at 30 to 50 bps of spend. The output is a static deck. The next renewal cycle starts over from zero.
CLM adjacent
Icertis & Sirion
Contract lifecycle management
They store and route contracts well. They were built before retrieval-grade language models existed. Their UX is built for legal, not finance, and they don't connect to ERP spend data.
Lattice
Lattice
Procurement intelligence
The only operator that reads every contract continuously, joins clause-level terms to actual invoice flow, and prices on recovered dollars. We sit beside the incumbents, not against them, which is why three of our first ten enterprise customers run us in production alongside Coupa and one runs us inside an Icertis deployment.
Lattice.
07 · Product
The product

A daily spend memo, written by your contracts.

One ingestion pass. Coupa, Ariba, Workday, Netsuite, DocuSign, plus an SMTP drop for the email folder where the rest of the contracts hide. Up in three weeks, not three quarters, with read-only credentials and an audit log handed to internal audit on day one.
Clause-level intelligence. Every contract is parsed to 240 standardized fields. Price escalators, auto-renewal triggers, MFN clauses, and benchmark deltas surface as live signals against the cross-customer corpus, not as static deck exhibits.
Continuous, not quarterly. The memo updates every weekday at 6am local time. The CFO walks in to a ranked list of recoverable dollars, with the source clause and the recommended action attached, and the same list lands in procurement's queue before standup.
Defensible at audit. Every recommendation cites the contract, the page, and the system of record. Designed to sit beside, not replace, the CFO's existing controls, and built to survive a Big Four external audit, which two of our customers have already cleared.
Outcome-based pricing. We charge 18 percent of recovered savings, capped at a fixed annual ceiling. Customers only pay when we deliver, the recovery is independently confirmed by their own finance team, and the worst-case bill is knowable on day one.
Daily Recovery Memo · Acme Holdings
Live
Open opportunities
$4.2M
+$310K this week
Recovered YTD
$18.7M
vs $11M plan
Contracts read
14,206
last 24h
Vendor
Issue
Exposure
Status
Datalogic Systems
Auto-renews Nov 14, 8% walk
$840K
Act
Hartwell Logistics
MFN breach, peer pricing 12% lower
$620K
Act
Marlowe Cloud
Duplicate seats across 3 BUs
$310K
Review
Lattice.
08 · Business model
How we get paid

We make money the day the customer makes money.

Platform fee
$240K floor.
Annual subscription per logo. Covers ingestion, the daily memo, and unlimited seats. Sized so any Global 3500 buyer can sign without a board approval. The floor exists for two reasons: it covers our marginal cost of serving a customer on day one when no recovery has been booked yet, and it anchors the buyer in software-budget language rather than consulting-budget language, which is the procurement category we are moving spend out of.
$240K
Per logo, annual
Success share
18 percent of savings.
Customer keeps 82 cents of every recovered dollar. We earn the rest. Capped at 5x platform fee so the buyer always knows the worst-case bill. Recovery is independently audited by the customer's own finance function before we invoice, which removes the trust problem that has historically blocked outcome-based pricing in enterprise software and makes the success line as defensible as a consulting savings claim, only continuously refreshed.
18%
Of audited recovery
Net result
$680K average ACV.
Across 14 paying customers, blended. The math is consultant pricing with software margins, sold to a buyer who hates writing the consultant check. The two largest accounts sit above $1.4M ACV in year one, and the cohort that has been with us six quarters or more is expanding at 148 percent net revenue retention, almost entirely from success-share growth rather than seat or module upsell, which is the leverage point that makes this a software business and not a service one.
$680K
Avg contract value
Gross margin
84%
Payback (months)
7.4
Net revenue retention
148%
Logo retention
100%

The unit economics work because the cost to serve is fixed once ingestion is live, the success-share line grows with the customer's recovery surface, and renewal risk is asymmetric in our favor: the longer a customer stays, the larger the recovered base, the higher the success-share, the harder we are to displace. Every cohort we have run through a full year has expanded, none has churned, and the gross-margin floor has held within two points of the blended 84 percent number across every customer size and vertical we have shipped to.

Lattice.
09 · Team
Founders & first hires

Built by the people who used to write the checks.

Eliana Marsh
Co-founder & CEO
Spent eight years as a senior partner in McKinsey's Operations practice running spend transformations for nine Fortune 100 CFOs. Personally signed off on $3.4B in recovered savings. Watched every engagement evaporate the day the consultants left, the playbook walked out the door, and the next renewal cycle restarted at zero. Built Lattice to be the version that doesn't. Carries the buyer rolodex that turned the first nine logos from cold pitches into closed contracts inside one quarter, and personally underwrites the success-share guarantee on every Lattice deal she signs.
David Okafor
Co-founder & CTO
Engineering lead on Stripe Radar, where he shipped the team that processes 14B financial events a day at four-nines reliability. Before that, retrieval infrastructure at Two Sigma, where the corpus was every regulatory filing in the SEC's history and the latency budget was measured in single-digit milliseconds. The technical answer to "can you read every contract every day, cite the source clause, and survive an external audit" is yes, and David is why. Holds two patents in low-latency vector search and has hired six of the original Radar engineers onto the Lattice ingestion team.
Priya Reddy
Co-founder & CPO
Built and sold a procurement analytics company to SAP Ariba in 2019 for $94M after four years of operating it solo through the seed and Series A. Knows where every Ariba seam shows, every Coupa workflow breaks, and every CFO's tolerance for change-management theater, because she shipped against all three for the better part of a decade. Owns category strategy, the 240-field clause taxonomy that powers the product, and the design partnership program that produced our first 14 reference customers. Recruited the founding product team from the Ariba alumni network in under six weeks, and personally runs the weekly customer council that sources roughly 70 percent of the roadmap.
Board & advisors
Ruth PoratFormer CFO, Alphabet and Morgan Stanley. Strategic advisor on the CFO buyer, opens doors at five of our top ten target accounts, and helped author our outcome-based pricing model from a buyer's chair.
Frank D'SouzaCo-founder and former CEO, Cognizant. Owns enterprise GTM motion design, India delivery scaling, and the playbook for converting consulting spend into recurring software revenue at Fortune 500 scale.
Aaron LevieFounder and CEO, Box. The enterprise SaaS scaling playbook, from first 10 to first 10,000 logos. Advises on product packaging, design partner motion, and the cultural traps of an early enterprise GTM team.
Lattice.
10 · Financials & ask
The raise

Series A.

$28M
at a $140M post. To reach $40M ARR and 80 logos in 24 months, with $12M committed cash at the milestone. The raise is structured to fund the engineering build of the second connector cohort and the GTM motion into the top tier of the Global 3500, both of which are sized off existing customer expansion data, not projections.
28 months of runway · $1.0M monthly burn at peak
ARR today
$8.2M
QoQ growth
41%
Paying logos
14
NRR
148%
52%
Engineering & ingestion30 hires across ingestion, retrieval, and audit. Connector breadth from 14 to 32 systems of record, real-time pipeline at sub-second p99, and audit-grade lineage on every recommendation we ship to a customer.
$14.6M
28%
Go-to-market12 enterprise AEs deployed by region, 4 SEs assigned to top-tier accounts, and a CFO-office advisory bench staffed by former Big Four partners who carry the buyer relationship from first call through first recovery.
$7.8M
14%
Research & benchmark corpusExpand the 4.2M-contract corpus to 12M across 18 industry verticals. The benchmarking moat compounds: every new logo we sign adds to the corpus, every contract in the corpus improves recovery quality for every other customer.
$3.9M
6%
G&A & complianceSOC 2 Type II completed Q1, ISO 27001 in progress, FedRAMP Moderate path opened for the public-sector logos already in late-stage diligence.
$1.7M
Next stepeliana@lattice.co · david@lattice.co Open to lead conversations through end of November. Data room, customer references, and a live walkthrough of three production deployments available on request. Term sheet decisions targeted for the first week of December, closing by year end.
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