SUNNYVALE, Calif.--(BUSINESS WIRE)--LevaData, the company that helps global enterprises improve gross margins by reducing supply chain costs, today announced that it has completed a $12 million Series B financing round, including a lead investment from existing Series A investor Tola Capital.
LevaData will use the proceeds from this funding round to continue to invest in deepening the capability of the Cognitive Sourcing™ platform for high tech and manufacturing customers and expansion into key vertical markets, including industrial equipment and medical devices, as well as to drive innovation in engineering and data science. LevaData will also continue to grow its presence and engineering team in Silicon Valley, including the appointment of Sreeni Iyer as Chief Technology Officer (CTO).
According to Rajesh Kalidindi, CEO and Founder of LevaData, “We guarantee 10-30% incremental cost savings to our customers. Our Cognitive Sourcing Platform has proven that AI can be applied to deliver gross margin gains. Our plan is to deliver $20 billion in verifiable value for our customers by 2022.” Kalidindi added, “With this investment from Tola Capital, LevaData will have the additional resources to expand into new sectors and to enhance market insights for all our customers.”
“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.”
The LevaData value proposition is built on agility, efficiency and sustainable cost management, with a focus on an expanding network and sources of insight. LevaData’s Cognitive Sourcing Platform provides the foundation for digital transformation of direct materials sourcing and supply management initiatives within Fortune 1000 companies. The company’s flagship product Leva is the industry’s first AI sourcing advisor.
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 organizations. LevaData has been named by Gartner as a 2018 Cool Vendor in Strategic Sourcing Applications and listed in the Spend Matters 50 Providers to Watch as a newcomer that is pushing procurement forward. LevaData also received the Supply & Demand Chain Executive (SDCE) Top 100 award.
Driving Supply Chain Innovation: Sreeni Iyer Joins LevaData as CTO
Sreeni Iyer has joined the company as Chief Technology Officer (CTO). As a seasoned leader of high-performance engineering teams focused on scalability and innovation, particularly in the areas of big data analytics, e-commerce, and applied AI, Iyer will focus on expanding the engineering team and advancing innovation in the company’s proprietary Cognitive Sourcing Platform. Iyer has worked with a number of industry leaders, including Walmart, Terracotta, Shutterfly, and Quad Analytix.
LevaData helps global enterprises improve gross margins by reducing supply chain costs, with a focus on delivering measurable and accountable supply chain solutions and strategies that transform companies. The unique LevaData Cognitive Sourcing™ Platform allows customers to sense, recommend, act, and learn. Customers include leaders in the top global supply chain organizations, as well as medium-sized OEMs seeking to achieve best-in-class direct materials sourcing practices. LevaData is headquartered in Sunnyvale, California. For more information, visit www.levadata.com.