LevaData, the industry-leading supply management software company that delivers an integrated artificial intelligence (AI) platform to transform direct material sourcing and accelerate new product development, announced today that it raised $47 million in Series C funding. This strategic investment, led by Banneker Partners with participation from its pre-existing investor, Tola Capital, comes after the company experienced significant global revenue growth during the first half of 2021.
“This partnership with Banneker will help catalyze procurement and sourcing transformation at scale for our customers by creating agility and sustainable value with our AI-based platform,” said Rajesh Kalidindi, CEO and Founder of LevaData. “Our mission is to make supply management and direct material sourcing a competitive advantage. This new funding will also help accelerate buildout and value delivery for our buyer, supplier, and partner community.”
Global supply chains continue to experience significant and unprecedented challenges. Volatility is creating board-level dialogue for improved supply continuity and deeper market intelligence that only digital transformation can deliver. Companies must think differently and execute more decisively. LevaData offers supply management teams the predictive insights needed to act before cost and events negatively impact margins or speed to market. Many of the world’s largest brands rely on LevaData.
“We’re thrilled with this partnership,” said Stephen Davis, Managing Partner at Banneker Partners. “We clearly see how global manufacturers are battling supply shortages while trying to determine how to manage an entirely remote business environment. We firmly believe that LevaData is uniquely positioned to help companies maintain resiliency, agility, and success while navigating these complexities.”
This new investment and partnership will help LevaData accelerate its growth strategies at a time when its customers and primary markets are most vulnerable and need them most. Areas of investment priorities include the continuous improvement of their integrated platform capabilities, a deeper physical presence in key global markets, and the creation of hundreds of new jobs. It will also enable the expansion of an already thriving partnership community, which currently includes Bain & Company, Kinaxis, IBM, PTC, and RapidRatings.
“The quality, cost, and reliability of your direct materials impact your product brand, gross margin, and ability to meet the demand for your products. We look forward to the next stage of growth for LevaData, as they continue enabling sourcing and procurement leaders to contribute direct business value with the decisions they can make with AI-driven guidance at their fingertips,” said Tola Capital Partner, Aaron Fleishman.
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