IRVINE, Calif., April 29, 2019 /PRNewswire/ -- Specright,
Inc., a software company that enables customers to control critical
supply chain specifications such as packaging, products, and raw
materials, announced today an $8.8
million Series A round of funding.
Led by Pritzker Group Venture Capital (PGVC), with participation
from previous investors Okapi Venture Capital, Fika Ventures, and
Mucker Capital, the round of funding will enable the company to
accelerate product development, grow the team from 30 to 75
employees by early 2020, and expand operations globally as the
leader in Specification Data Management™ (SDM™) software.
"It's hard to believe, but most of the critical data required to
make, package, sell, and buy goods typically lives in spreadsheets
or on employee hard drives," said Matthew
Wright, Specright's founder and CEO. "Specright's platform
provides a foundation for all stakeholders to access
specifications, collaborate in real-time, and improve business
performance. We're excited to drive this next wave of supply chain
innovation," Wright added.
Wright developed the concept after spending over 20 years in the
packaging industry, both as an executive and owner of a packaging
manufacturer, and having to deal with the inefficiencies and costs
related to low quality specifications, or lack thereof, from
customers.
Specright's platform enables companies to digitize critical
specifications such as product, packaging, formula, and ingredients
to ensure data quality within a company and across its supply
chain. Customers can then leverage data and workflows to create
efficiencies, reduce costs, drive sustainability, ensure product
quality, and more quickly develop new products.
Gabe Greenbaum, PGVC's
Los Angeles based Partner, who
will be joining the board, has seen firsthand the inefficiencies
and resulting negative impact on industries where there is a lack
of supply chain and specification data.
"As investors with deep roots in the manufacturing and supply
chain ecosystem, we've seen the pain and inefficiencies caused when
business units, vendors, and suppliers aren't on the same page due
to the traditional siloing of data," Greenbaum said. "We believe
Specright is creating a multibillion-dollar market within the
packaging industry and beyond."
This single source-of-truth also creates logical families of
machines, packaging, raw materials, and ingredients of products at
a deep data level to drive intelligence.
Once specifications are in Specright, the company leverages its
industry knowledge and algorithms to automate recommendations or
actions a company can take to save money or improve operations.
This focus on intelligence and recommendations is made possible by
Specright's core platform. It also signals the importance the
company places on making data actionable for its customers.
Marc Averitt, a managing director
at Okapi Venture Capital, has been part of Specright's journey and
has seen the product evolve.
"Over a short period of time, Specright has grown to serve a
variety of functions across the supply chain, such as packaging,
quality, procurement, marketing, and new product development,"
Averitt said. "The company has grown a diverse customer base with
both Fortune 100 companies and challenger brands taking advantage
of its capabilities. We're very excited to support their growth and
help them expand their footprint," Averitt added.
About Specright
Specright is a cloud-based SaaS platform for Specification Data
Management™. Whether it's packaging, raw materials, formulas,
products, or machines, Specright helps companies reduce costs,
create efficiencies, and drive sustainability by structuring,
sharing, and analyzing specifications along the supply chain. For
more information, visit: www.specright.com
About Pritzker Group Venture Capital
Pritzker Group Venture Capital (PGVC) helps entrepreneurs build
market-leading technology companies at the early stages of their
growth. Since its founding in 1996, the firm has worked
side-by-side with entrepreneurs at more than 200 companies,
building partnerships based on trust and integrity. The firm has
built a unique investment platform consisting of (i) investment
professionals with more than 80 years of experience, (ii) an
operating platform built by world class operators, and (iii)
relationships that span more than 50% of the F1000 Board room and
C-Suite. PGVC invests in enterprise technology, consumer
internet and digital health companies, typically in their seed and
Series A rounds. Successful exits in recent years include IO
Data Centers (acquired by Iron Mountain), Cloud Technology Partners
(acquired by HPE), Cleversafe (acquired by IBM), Dollar Shave Club
(acquired by Unilever), Viv Labs
(acquired by Samsung), and Fleetmatics (IPO – NYSE: FLTX). For more
information, visit www.pritzkergroup.com/venture-capital/
For media inquiries, contact:
Laura Foti, Director of Marketing at
Specright
Email: media@specright.com
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SOURCE Specright