11 December 2019:
LeanDNA has raised $15 million in Series B round of funding. The funding round was led by S3 Ventures. Existing investors Next Coast Ventures and Rony Kahan also participated in the funding round.
The company will use the fresh capital to scale it’s global offering, expand its customer base and support other strategic growth initiatives.
Richard Lebovitz, CEO of LeanDNA, said, “We are dedicated to empowering factory procurement teams to take control of their inventory. Having spent the past 30 years working directly with global factories, one thing is abundantly clear: Factories have been left behind. In collaboration with our pioneering, global manufacturing customers, we have proven that a data-driven approach to factory management is critical to unlocking working capital across the supply chain.”
Charlie Plauche, partner with S3 Ventures and newly appointed LeanDNA board member, said, “Nobody understands the factory management gap like LeanDNA. With the company’s track record of rapid expansion and several multibillion-dollar manufacturing companies among its existing customers, we’re confident LeanDNA’s unique platform can capture a significant share of the massive manufacturing market. S3 is very excited to partner with Richard and his impressive team to accelerate growth in 2020 and beyond.”
Mike Smerklo, co-founder and managing director for Next Coast Ventures, said, “LeanDNA’s major successes over the last few years are emblematic of the company’s scalability, commitment to their customers and promise to impact the manufacturing industry. We remain confident in LeanDNA’s potential and are excited to continue to collaborate on their rapid growth.”
(Image – LeanDNA)