Part Analytics, the direct sourcing software platform that applies artificial intelligence to reduce costs, identify hidden risks and accelerate product development for global manufacturing companies, is announcing the closing of $3 million Venture Round from MK Capital.
The new partnership with MK Capital allows Part Analytics to build on momentum with Fortune 1000 companies, such as Emerson; dramatically accelerate the adoption of AI-powered technologies into direct procurement processes in manufacturing; and further enhance its Design to Source platform that empowers global sourcing leaders to transform sourcing into a competitive advantage.
“Implementation of the Part Analytics platform has driven an efficiency gain of approximately 90 percent in our Quarterly Pricing Process by automating our manual process,” said Emerson’s Director of Electronics and Electrical Products, Corporate Supply Chain, Eric Bremer.
MK Capital shares Part Analytics’ vision of using automation to replace manual processes for increased efficiency and effectiveness in procurement operations.
“We have had the opportunity to invest in groundbreaking procurement technology solutions, such as Ariba and LLamasoft,” said MK Capital Managing Partner Mark Koulogeorge. “Part Analytics is the most innovative company in procurement we have seen in almost a decade, with its strategic ability to use enriched private and public data to help manufacturers manage spend by supplier, commodity type and product line, which is particularly critical in this era of increased supply chain volatility.”
As part of the investment, Koulogeorge will join Part Analytics’ board of directors.
“The latest round of funding will enable Part Analytics to grow both its team and customer base,” said Part Analytics Founder and CEO Jithendra Palasagaram. “We are currently hiring for a number of roles in Product Development, Sales & Marketing and Customer Support teams to further enhance our commitment to our customers.”
Part Analytics, which was founded in 2019, serves a diverse set of customers in the manufacturing space, including industrial, medical device and electronics manufacturing. Its machine-learning technology has been recognized by sourcing and manufacturing experts, such as Digital Procurement World, SpendMatters, and IPC APEX EXPO.
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybsercurity, go to AI-Techpark.com.
