Recently Completed Funding Round Increases Momentum for Data-Driven Procurement Platform Using Machine Learning to Save OEMs up to Millions of Dollars in Product Costs
Stockholm, 21st May 2019 – Supply chain data analytics software startup Lexi Solution AB today announced it has raised SEK 3.8 million in additional funding for its mission to provide breakthrough AI and cloud data processing software services to meet the exploding data demands of the electronics industry.
The latest backing for the technology platform, which delivers huge cost savings, risk reduction and supply chain transparency for Lexi’s OEM customers, comes from strong participation from existing shareholders as well as from several new investors, including, for the first time, investors from outside Sweden, in Austria and Asia. Total funding to date amounts to SEK 25 million.
“Data-driven insights enabled by AI will be key to innovation in the management of global supply chains, which have become simply too huge, complex and dynamic to manage with traditional tools. In many ways, where Lexi is today, with its AI-powered big data analytics for supply chains, is reminiscent of where CRM was in the early 1990s. Lexi is a unique disrupter in this industry, and I am very pleased to take the opportunity to jump onboard now,” says Daniel S. McKinney, a seasoned investment professional in the software industry who has chosen to make a major contribution in this Lexi share issue.
Peter Röing, Lexi’s Founder & CTO says, “Winning the support of our distinguished circle of investors is further validation of our vision to fully enable data-driven procurement via our scalable AI applications for the electronics manufacturing industry and make ‘predictive COGS’ possible. With this investment we will be able to accelerate our execution on several new, signed customer contracts and invest in resources needed to capitalize on the growing customer funnel. We will now move forward with our plan to bring onboard an international leader as the new CEO of Lexi to take us forward with our global expansion – details to be announced soon!”
Maximizing Cost Savings,
Historically, manufacturers have struggled to attain end-to-end supply chain visibility as 80 percent of the data needed to successfully manage global supply chains exists outside their organizations. Lexi solves this problem by ingesting 100 percent of the data and then, using a combination of machine learning and human expertise, identifies and monitors the most relevant details and actions for lowering costs and improving supply chain health. On average, Lexi’s customers have cut Bill of Materials (BOM) costs by more than five percent, which translates into hundreds of thousands – and in some cases, up to millions of dollars – in total product cost savings.
Lexi accomplishes this by continuously harvesting terabytes of structured and unstructured data about components and parts from hundreds of public and private sources, including the customer’s own electronics manufacturing services (EMS) subcontractors, distributors and component manufacturers. Once Lexi uploads its customers’ costed bills of material (CBOMs) into its big data platform, Lexi’s AI engine then automatically harmonizes, cleans, corrects and classifies the data by part type, category, cost, lead-time, lifecycle status, compliance – any of hundreds of attributes that Lexi applies to characterize each part.
Lexi’s resulting dataset of “golden data” expands continuously and opportunistically to enable predictive and prescriptive analytics as well as to produce authenticated, meaningful supply chain insights that generate long-term, sustainable results that drop straight to its OEM customers’ bottom lines
Lexi is helping an ever-increasing roster of customers reap
greater value from their supply chains, including ABB, ASSA ABLOY, Getinge,
Husqvarna, Parker Hannifin and Volvo Trucks, among many others.
Lexi aspires to change the world through data, bringing clarity and insight to complex supply chains.
Lexi brings transparency to supply chain management with its unique cloud-based software solution that uses machine learning to provide authenticated, accurate product details to Original Equipment Manufacturers (OEMs). Founded in Stockholm in 2011, and with a Data Operations Center in Penang, Malaysia, Lexi delivers data-driven business intelligence insights to prioritize actions for OEMs to lower costs and improve supply chain health. With its predictive and prescriptive optimization algorithms, Lexi empowers manufacturing, engineering, supply chain and procurement leaders to make faster, smarter product design and sourcing decisions. For more information, visit www.lexisolution.com .
The Lexi Cloud System –
Unlock the Hidden Value in Your Supply Chain Data with AI
SOURCE: Lexi Solution AB
For further information, contact Peter Röing, tel +46 8 625 11 50.
Related Links: https://www.lexisolution.com/