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Diagon: Revolutionizing Equipment Sourcing and Procurement for Businesses
Will Drewery, a seasoned entrepreneur and former Tesla executive, has launched Diagon, a cutting-edge platform that streamlines equipment sourcing and procurement for businesses. With a team of six employees and a half-dozen customers, including Mitra Chem, Zeno Power, and Mighty Buildings, Diagon is poised to revolutionize the way companies acquire the tools they need to succeed.
The Problem with Traditional Procurement
Drewery, who worked at Tesla between 2013 and 2018, recognized that traditional procurement methods are often cumbersome and inefficient. "Trade shows are the top place to find companies that make these types of equipment," he said. "However, how do you take off a day of work to attend conferences when your boss is Elon Musk?" Drewery had to navigate these challenges under the radar, but now, with Diagon, he aims to provide a solution for businesses of all sizes.
How Diagon Works
Diagon’s platform uses AI-powered matching technology to connect buyers with suppliers, making it easier and faster to find the right equipment. The company will deploy its software platform as a pilot program with its professional services customers first and do a broader release this summer. "We’re developing tools that help customers find suppliers better or help them interpret and summarize quotes better," Drewery said.
Funding and Future Plans
Diagon recently raised $5.1 million, led by The Westly Group, to give the company a good runway for the next two years. This funding will enable Diagon to actively hire, including a head of product and go-to-market, as well as acquire new customers and build more of the product until its Series A fundraising round.
The Market Opportunity
The procurement market is vast and growing, with an estimated $5 trillion in annual spend globally. With Diagon’s innovative approach, the company is poised to capture a significant share of this market. "This is why I felt the market needs a Diagon," Drewery said.
Conclusion
Diagon is set to revolutionize the way businesses acquire equipment and tools, making it easier, faster, and more efficient for companies to succeed. With a strong team, innovative technology, and a solid funding round, Diagon is well-positioned to become a leader in the procurement space.
