Part Analytics has raised $3 million to expand its team and further develop its direct sourcing platform designed for original equipment manufacturers, the Brookfield-based company announced today.
Part Analytics is a cloud-based SaaS solution for procurement analytics of electronic components. The platform leverages public and private data to help manufacturers manage spend by supplier, commodity type and product line.
Procurement specialists use Part Analytics’ artificial intelligence-driven platform to identify suppliers, negotiate contracts and price materials with the goal of reducing costs and generating actionable insights.
The funding round was led by Chicago-based MK Capital, an early-stage lead investor in the software and cloud services industries. MK Capital has invested in similar companies including Ariba and LLamasoft, according to the venture capital firm.
Part Analytics will use the funding to acquire more customers and to fill up to 5 positions in data analytics as well as for sales, marketing and customer success roles, said Jithendra Palasagaram, Part Analytics founder and CEO.
The startup serves customers in the manufacturing space, including industrial, medical device and electronics manufacturing. One of its customers is Emerson Electric Co., a global technology, software and engineering company.
“Implementation of the Part Analytics platform has driven an efficiency gain of approximately 90% in our quarterly pricing process by automating our manual processes,” Emerson corporate supply chain director Eric Bremer said in a statement.
The company was founded by Palasagaram and Jesil Pujara, who both left GE Healthcare to launch Part Analytics in 2019.