LeanDNA, an Austin, Texas-based prescriptive analytics platform for factory management, announced today it has secured $15 million in Series B funding led by S3 Ventures.
The company’s goal is to use predictive analytics and prescriptive artificial intelligence (AI) to help manufacturers “optimize inventory, avoid shortages and improve on-time delivery.” It says it does so by providing “actionable, automated recommendations” and allowing for real-time collaboration among systems, suppliers and sites.
Following the company’s $4.5 million Series A funding announcement in 2017, LeanDNA says it doubled in size, customer count and revenue in 2018.
Looking ahead, the company also plans to use the funds to scale the company’s “global offering, expand its customer base and support other strategic growth initiatives.”
Indeed, LeanDNA says it is “pursuing a $4 billion market of discrete manufacturers with more than $10 million in inventory.” It’s specifically focused on the following verticals: aerospace and defense, medical devices, automotive and industrial manufacturing.
Last month, we wrote about Pensa Systems, an Austin startup with an eye on “eliminating” a trillion dollar blind spot for the retail industry, raising $10 million in additional seed funding.
Last month, we covered how Austin is on track to possibly reach $2 billion in venture funding for the year, which is pretty impressive.
In total, Austin startups raised a known $1.7 billion from January to October, according to Crunchbase data.