PRESS RELEASE:
Austin Startup Aims to Bring Artificial Intelligence to Manufacturers and Disrupt Multi-Billion Dollar Inventory Optimization Market
AUSTIN, Texas–(BUSINESS WIRE)–April 17, 2017–
LeanDNA, a market leader in SaaS-based actionable intelligence analytics and project execution for lean factories, today announced the closing of a $4.5 million Series A funding round led by Austin-based Next Coast Ventures.
The capital influx follows up on LeanDNA’s seed round of funding led by Rony Kahan, co-founder of Indeed. LeanDNA will use the Series A funds to aggressively expand its sales and marketing efforts, broaden product development and continue investing in its customer experience program.
“LeanDNA is well-positioned to become the dominant solution for actionable inventory management insights,” said Mike Smerklo, Managing Director of Next Coast Ventures. “As the market continues to shift towards a lean, AI-optimized manufacturing model to reduce costs and improve quality and efficiency, LeanDNA provides data-driven insights that integrate into procurement and reporting workflows with astounding results. It is a powerful industry solution that we will scale to its full potential.”
Despite costly Enterprise Resource Planning (ERP) investments, manufacturers today are struggling to identify actionable insights related to specific supply chain challenges. Manual spreadsheets fill analytical gaps, but these time-intensive workarounds lack standardization, are difficult to share across silos and yield limited sustainable results.
LeanDNA’s offerings provide the analytical tools and dashboards to monitor key information on inventory levels and deliver recommendations to reduce inventory and optimize operational efficiencies. LeanDNA’s platform requires minimal IT support, is quick to implement due to pre-built ERP integrations and delivers return on investment in under six weeks for the average customer.
“We are excited to partner with Next Coast Ventures to expand our efforts in solving a pressing challenge for manufacturers,” said Richard Lebovitz, President and CEO of LeanDNA. “They are under constant pressure to reduce working capital while improving operational efficiency. LeanDNA provides a solution that solves these problems rapidly and creates insights our customers can immediately act upon.”
About LeanDNA
Founded in 2011, LeanDNA is a cloud-based intelligence platform that supports lean manufacturing with a suite of powerful analysis and management tools that monitor key information on inventory levels. These tools provide actionable insights that help manufacturers reduce inventory levels, avoid shortages and create operational efficiencies. For more information, visit http://www.leandna.com.
About Next Coast Ventures
Next Coast Ventures was born in 2015 with a simple vision to create a different kind of venture capital firm focused on company building, thought leadership and giving back to the community. With a dedication to investing in entrepreneurs building disruptive companies in big markets, Next Coast Ventures is pursuing a new model of VC “built for entrepreneurs by entrepreneurs.” For more information, visit http://www.nextcoastventures.com.
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