LevaData, a startup helping improve gross margins by reducing supply chain costs, has completed a $12m Series B round.
The funding round included a lead investment from existing Series A investor Tola Capital and brings the company’s fundraising total to $17m.
Headquartered in Sunnyvale, California, LevaData said it will use the proceeds to continue to invest in deepening the capability of the Cognitive Sourcing platform for high tech and manufacturing customers.
Its cloud-based Cognitive Sourcing Platform applies artificial intelligence and predictive tools to both market intelligence and enterprise procurement data sets. It provides ‘the foundation for digital transformation’ of direct materials sourcing and supply management initiatives within Fortune 1000 companies.
LevaData delivers value to a wide swath of industries including high tech/electronics, the automotive and industrial equipment sectors, consumer products, and the medical device sector, and across procurement, supply chain, engineering, and finance organisations.
It will also expand into key vertical markets, including industrial equipment and medical devices, as well as to drive innovation in engineering and data science.
“LevaData has provided strategic sourcing leaders with the data-driven insights to deliver true differentiation and value to their business. This has had clear impact on the gross margins for businesses in the high tech and manufacturing sectors,” commented Aaron Fleishman, principal at Tola Capital. “We have seen the deep investments LevaData has made in the insights and experience they give to customers to help them improve sourcing decisions every day. We look forward to this next stage of growth for the business as LevaData expands to deliver this value to additional sectors.”
For finance, Leva claims to give improved accuracy in product cost allocation changes. It allows the user to manage rebates and amortize tooling at suppliers, raising alerts when margins are at risk from Forex or raw material cost changes.
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