Part Analytics, a Brookfield-based supply chain software startup that uses artificial intelligence to help manufacturers reduce costs, has raised an additional $3 million in venture capital dollars to grow its team and customer base, the company said Monday.
The round was led by MK Capital, which has locations in Northfield, Illinois, and Ann Arbor, Michigan. With the latest funds, Part Analytics has raised a total of $4 million to date from investors including the Idea Fund of La Crosse.
Based at 300 N. Executive Drive in Brookfield, Part Analytics has 13 current employees, according to the company. It plans to double its team within six months to a year, Part Analytics CEO and founder Jithendra Palasagaram said. The company is currently hiring for product development, sales and marketing, and customer support roles.
Part Analytics' current customers include small manufacturers as well as Fortune 1000 companies such as multinational manufacturer Emerson Electric Co., medical technology company Hologic Inc. and semiconductor maker Plexus Corp.
"Implementation of the Part Analytics platform has driven an efficiency gain of approximately 90% in our Quarterly Pricing Process by automating our manual process,” Emerson’s director of electronics and electrical products for corporate supply chain Eric Bremer said in a statement.
As part of the financing deal, MK Capital managing partner Mark Koulogeorge joined Part Analytics' board of directors.
“Part Analytics is the most innovative company in procurement we have seen in almost a decade," Koulogeorge said in a statement.
Part Analytics participated in the spring 2018 Milwaukee cohort of the gBETA accelerator program run by gener8tor, a Wisconsin-based entrepreneurship platform. Part Analytics was officially founded in 2019, according to the company.
