Company expanding operations due to increased OEM adoption rate
of Lexi’s AI-driven SaaS solution for data-driven procurement
Stockholm, 20th November 2020 – Supply chain data analytics software leader Lexi Solution AB today announced it has completed a SEK 3.3 million financing round. The round was heavily oversubscribed, with strong participation from existing Lexi shareholders as well as several new investors.
Lexi 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 dramatic cost and risk reduction not otherwise possible with conventional methods.
According to Robert Sawyer, CEO of Lexi Solution, “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. 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.
Lexi continues to develop additional powerful functionality in its platform, based on demand from its customers, including the recently announced new application for design-to-source analytics for new product cost estimation, called E*BOM. 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.
Lexi brings transparency to supply chain management with its unique cloud-based enterprise software solution that uses machine learning to provide authenticated, accurate product details to Original Equipment Manufacturers (OEMs). Headquartered in Stockholm, 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.
Lexi delivers value to a wide spectrum of industries, including high-tech electronics, industrial equipment, medical device and equipment, automotive, and high-end consumer/professional electronics. Lexi’s cross-functional platform serves procurement, supply chain, engineering, operations, and finance organizations 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 Robert Sawyer, tel +46 8 625 11 50.
Related Links: http://www.lexisolution.com/