© melpomenem dreamstime.com General | December 03, 2020
Swedish supply chain analytics company completes financing round
Supply chain data analytics software provider Lexi Solution AB has completed a SEK 3.3 million (EUR 320’000) financing round. The round was heavily oversubscribed, with strong participation from existing Lexi shareholders as well as several new investors.
The company helps global enterprises improve gross margins by reducing direct material costs and avoiding supply disruptions by building robust, resilient supply chains. Lexi’s AI-driven SaaS solution scrubs its customers’ costed bills of material and product cost structure to ensure that all master material data is clean, correct, complete, and current, then provides digital tools to derive business intelligence and drive cost and risk reduction. Lexi says says that it is expanding operations due to an increased OEM adoption rate of its AI-driven SaaS solution for data-driven procurement. “2020 has been a breakthrough year for Lexi, despite the challenging market conditions, as our cloud platform is being ever more widely adopted as a powerful tool to help OEMs reduce their direct material costs, especially in their EMS (electronics manufacturing services) spend,” says Robert Sawyer, CEO of Lexi Solution, and continues. “2020 has also been a year where supply chain disruptions, whether due to pandemic or tariffs or other trade issues, have made it an urgent priority for many companies to find and remove risk from complex supply chains. Lexi’s SaaS solution is helping OEMs accelerate their digital transformation in supply chain management so they can adapt and emerge stronger, despite the challenges.” Proceeds from this limited funding round will be used to fund expansion of Lexi’s data science and customer onboarding teams in Malaysia and Sweden to meet this rising demand for Lexi’s platform, including due to a large new project just launching this quarter with a leading global OEM – Lexi’s biggest subscription ever. With its expansion of its teams in Asia and Europe funded by this small round, Lexi is laying the groundwork for a much larger Series A round planned for Spring 2021.