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LevaData raises $47M in a Series C funding round. It plans to invest in improving its integrated platform capabilities, strive towards a deeper physical presence in key global markets and enable the creation of new jobs
LevaData, a supply chain management software provider, raised $47 million in a Series C funding round led by Banneker Partners to accelerate growth, a press release from LevaData said.
The Series B funding for LevaData came in 2018, where it netted $12 million. The company has approximately raised about $65 million in total with the close of Series C. The round witnessed participation from its existing investor, Tola Capital.
LevaData, founded in 2013, provides a cognitive Sourcing platform that combines market intelligence and enterprise data using AI to identify opportunities and risks for enterprise sourcing teams. LevaData offers supply management teams the predictive insights needed to act before cost and events negatively impact margins or speed to market Its software enables direct material sourcing, mitigates risks and accelerates new product development.
Rajesh Kalidindi, CEO and founder, stated that the backing from Banneker would help catalyze procurement and sourcing transformation at scale for its customers by creating agility and sustainable value with its AI-based platform.
“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,”
LevaData would use the proceeds from the funding to invest in priority areas like the continuous improvement of their integrated platform capabilities, strive towards a deeper physical presence in key global markets and enable the creation of new jobs.
Stephen Davis, managing Partner at Banneker Partners, expressed excitement at partnering with LevaData and added,
“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.”