Ottawa-based Lytica, an electronic component spend analytics and risk intelligence startup, has secured $3 million in financing. York IE, a US early-stage venture capital firm, led the $1.5 million equity portion of the round.
OTTAWA, ON / ACCESSWIRE / August 25, 2021 / Lytica, the world’s only provider of electronic component spend analytics and risk intelligence using real customer data, today announced it has raised over $3 million USD in equity investment, grants and other funding. York IE, a vertically integrated strategic growth and investment firm, led a $1.5 million equity investment round. This follows recent funding obtained from government related economic development and innovation sources. The company has experienced rapid growth in the past year and continues to grow its recurring revenue base at over 100% per year.
“Since joining the company last year, working with the talented Lytica team and helping realize Lytica’s potential has been extremely rewarding. I’m thankful for the opportunity to bring my experience with growing SaaS companies to a team that already had a wealth of knowledge and intellectual property,” said Martin Sendyk, President and CEO of Lytica. “With this new infusion of funding, we’ll be able to scale even faster and better serve our roster of impressive clients.”
Lytica’s SupplyLens™ platform provides customers with the data, insight, and analysis they need to improve procurement and build better, stronger, more resilient supply chains. SupplyLens™ empowers the world’s leading electronics companies to achieve unprecedented levels of cost reduction and risk mitigation, enabled by the world’s largest independent database of electronic component intelligence and real-world prices.
Since introducing its SupplyLens™ platform last year, Lytica has seen rapid adoption from many top Fortune 500 companies that are looking to reduce costs and gain insight into their sourcing and procurement. Lytica plans to use the funding primarily to scale its customer-facing teams and provide even more value for its customers, as well as bolster its AI and machine learning capabilities to expand into additional products and features. The Lytica team, which has embraced remote and hybrid work during the COVID-19 pandemic, is actively hiring.
“As a startup growth firm, we know that the two most important pieces of a successful growing business are market opportunity and team,” said Joe Raczka, co-founder, COO and managing partner at York IE. “It was clear to us from the first time we talked to the leadership at Lytica that they have a wealth of knowledge, an impressive product, and are filling a very important need in the electronic components supply chain. We’re excited to help their growth continue.”
Lytica is an electronic component spend analytics and risk intelligence company that uses real customer data to help companies make their supply chain more transparent, more resilient, and more predictable. Lytica’s advanced electronic component market intelligence platform employs machine learning and AI to analyze real-world pricing data, offering true market insights to reduce costs and mitigate supply chain risk. Fortune 500 and blue chip companies around the world rely on Lytica to find better prices and better manufacturers and suppliers. To learn more, visit Lytica.com.