Technology has a reputation for taking over blue collar jobs. But this Austin startup built its platform to complement them.
Meet LeanDNA, the developers of an AI-powered software platform for the manufacturing industry. Their solution provides key analytical insights and monitoring tools regarding supply chain challenges like inventory optimization and operational practices.
Today, the six-year-old startup announced the closing of a $4.5 million Series A funding round, led by Austin-based Next Coast Ventures.
"The chance to work with a local VC, especially one with an emerging brand like Next Coast Ventures, really mattered to us," said Richard Lebovitz, president and CEO of LeanDNA. "Beyond the funding itself, we were drawn to the expertise and network they bring locally. Effectively our entire employee base is here in Austin so we wanted an investor in our backyard."
The company will use the funds to accelerate its market growth through sales and marketing initiatives while expanding product development and improving on its customer experience program.
This round follows LeanDNA’s seed funding from Indeed’s co-founder Rony Kahan.
Since its 2011 launch, LeanDNA has partnered with over 100 factories for 50 companies located across 16 countries in industries that include automotive, aerospace and consumer goods. Its platform integrates directly with enterprise resource planning systems to improve cash flow, lower inventory costs and levels and manage tracking and reporting.
"Manufacturing represented a very large market ripe for the optimization that analytics can bring given the volume of available data and the complexity of their operations," said Lebovitz.
As part of their plans for expansion, the company will be hiring for account executives, customer success representatives, solution consultants, marketers and developers.
“We have a tremendous focus on growth,” Lebovitz said. “We currently have a base of referenceable, successful customers that have achieved dramatic results using our product and we’re looking to add many more.”
Image provided by Shutterstock.