Part Analytics, a Milwaukee, WI – based direct sourcing software platform that applies artificial intelligence to reduce costs, identify hidden risks and accelerate product development for global manufacturing companies, closed a $3m equity financing.
MK Capital made the investment. As part of the investment, MK Capital Managing Partner Mark Koulogeorge will join Part Analytics’ board of directors.
The company intends to use the funds to accelerate the adoption of AI-powered technologies into direct procurement processes in manufacturing; and further enhance its Design to Source platform.
Founded in 2019 by CEO Jithendra Palasagaram, Part Analytics provides manufacturing companies with an AI-powered Design to Source platform for spend and risk management. The company serves a diverse set of customers in the manufacturing space, including industrial, medical device and electronics manufacturing with machine-learning technology.