Madison Heights-based Xeeva, Inc., which uses artificial intelligence to help customers streamline their supply chain, announced it has got an investment of more than $40 million, which was led by PeakEquity Partners, a private-equity firm in Radnor, Pa.

A competitive analysis on Xeeva is difficult because the source-to-pay provider doesn’t just compete against the handful of players trying to bring machine learning and AI to the S2P space. It also takes on all of the traditional source-to-pay vendors who offer modern sourcing experiences, especially if they are augmented with market intelligence, best practices, community intelligence or other modern “guided” capabilities that can help a buyer make a better decision. That’s basically what buyers...