- Factory management prescriptive analytics platform LeanDNA announced that it raised $15 million in Series B funding led by S3 Ventures
LeanDNA — a prescriptive analytics platform for factory management — announced that it has raised $15 million in Series B funding led by S3 Ventures. And existing investors Next Coast Ventures and Rony Kahan also participated in the round. This round of funding will be used to scale LeanDNA’s global offering and expand its customer base along with supporting other strategic growth initiatives.
How does LeanDNA work? LeanDNA is changing the way global manufacturers manage inventory. And LeanDNA’s factory-first platform enables manufacturers to optimize inventory, avoid shortages, and improve on-time delivery. LeanDNA’s customers are seeing an average of 13.5% inventory reduction within the first 3 months after implementation with some customers experiencing reductions of 30% or more.
“We are dedicated to empowering factory procurement teams to take control of their inventory,” said LeanDNA CEO Richard Lebovitz. “Having spent the past 30 years working directly with global factories, one thing is abundantly clear: Factories have been left behind. In collaboration with our pioneering, global manufacturing customers, we have proven that a data-driven approach to factory management is critical to unlocking working capital across the supply chain.”
Customers that are utilizing LeanDNA’s factory analytics software include global manufacturers like Spirit AeroSystems, Safran, PSG Dover, and Integra LifeSciences — which are increasingly turning to transformational and prescriptive technology to efficiently manage inventory and improve profitability.
“Nobody understands the factory management gap like LeanDNA,” added Charlie Plauche, partner with S3 Ventures and newly appointed LeanDNA board member. “With the company’s track record of rapid expansion and several multibillion-dollar manufacturing companies among its existing customers, we’re confident LeanDNA’s unique platform can capture a significant share of the massive manufacturing market. S3 is very excited to partner with Richard and his impressive team to accelerate growth in 2020 and beyond.”
LeanDNA is hiring across multiple departments. And the company is looking for talent to help support its expanding go-to-market efforts and global operations in key verticals.
“LeanDNA’s major successes over the last few years are emblematic of the company’s scalability, commitment to their customers and promise to impact the manufacturing industry,” explained Michael Smerklo, co-founder and managing director at Next Coast Ventures. “We remain confident in LeanDNA’s potential and are excited to continue to collaborate on their rapid growth.”
