LeanDNA, a purpose-built, prescriptive analytics platform for factory management, recently announced $15 million in Series B funding led by S3 Ventures. Existing investors Next Coast Ventures and Rony Kahan also participated in the round. The funds will be used to scale LeanDNA’s global offering, expand its customer base and support other strategic growth initiatives.
“As end products become increasingly customized and as the supply chain continues to globalize, manufacturers must turn toward data-driven, cross-site tools to standardize and optimize their inventories,” says LeanDNA's CEO Richard Lebovitz. “Without the infrastructure to truly optimize inventory and the costs associated with excess inventory, expedite fees and late delivery penalties could balloon quickly among global manufacturers."
LeanDNA’s goal is to change the way global manufacturers manage inventory. Lebovitz tells IndustryWeek that factories have been left behind. “The majority of out-of-the-box ERP systems and business intelligence solutions don’t provide the actionable insight and depth of collaboration companies and individuals need to optimize inventory, reduce shortages and generate critical savings from their supply chains,” he says.
According to Lebovitz, LeanDNA’s factory-first approach starts with a purpose-built data integration that connects to every ERP system. The platform’s AI algorithms are specifically built to identify ways to reduce shortages and optimize inventory. “We then take that data and prescribe prioritized actions. Buyers can then take action to resolve the problem within the platform, or, if the problem can’t be solved, collaborate with other team members and suppliers to understand the root cause of the issue,” he says. “The solution is all pre-built for the factory, and unlike ERP or heavy software integrations for manufacturers, LeanDNA is light-weight and up and running in a few weeks.”
“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,” said Mike Smerklo, co-founder and managing director for Next Coast Ventures. “We remain confident in LeanDNA’s potential and are excited to continue to collaborate on their rapid growth.”
