Supply management software company LevaData announced that it had closed a $47 million Series C funding round, according to a press release on Monday (Sept. 13).
The funding, led by Banneker Partners with help from existing investor Tola Capital, comes after the company enjoyed substantial global revenue growth during the first half of the year. The San Jose-based company said that it would use the funding and its partnership with Banneker to improve its platform capabilities, expand into key global markets and create hundreds of new jobs, per the release.
It will also help LevaData expand its existing partnerships with clients that include Bain & Company, Kinaxis, IBM, PTC and RapidRatings.
“LevaData’s cognitive platform is delivering the future of supply management to sourcing and NPI teams,” David Schannon, partner at Bain & Company, said last year to PYMNTS.
“They’re a perfect complement to the transformational approach, cutting-edge digital technologies, and deep domain expertise Bain brings to global procurement and supply chain organizations,” Schannon said.
Working with Banneker will help LevaData “catalyze procurement and sourcing transformation at scale for our customers by creating agility and sustainable value with our AI-based platform,” said Rajesh Kalidindi, CEO and founder of LevaData. “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.”
The funding comes when global supply chains are seeing “significant and unprecedented challenges,” the release stated.
“Volatility is creating board-level dialogue for improved supply continuity and deeper market intelligence that only digital transformation can deliver,” the company said.
Read more: Supply Chain Woes Crippling US Food Sector
Take the food industry. As PYMNTS reported last month, the wholesale food supplier Sysco has been forced to turn away customers in areas where demand has overwhelmed capacity, with short supply causing prices to rise on chicken, pork and paper takeout packages. Production of bacon, wings, tenders, ribs and other high-labor meat cuts is slowing down.
“There are certain areas across the country that are more challenged by the labor shortage, and our volume of orders is regularly exceeding our capacity,” Sysco CEO Kevin Hourican said in a letter to clients that was published in a Bloomberg report. “This has, unfortunately, led to service disruptions for some of our customers.”