Cofactr Raises $17M in Series A Funding
NEW YORK – Cofactr, a provider of a supply chain and logistics management platform for hardware manufacturers, has raised $17.2 million in a series A investment round.
Bain Capital led the Series A round, with existing investors Y Combinator, Floating Point Ventures, Broom Technologies and DNX Ventures also participating. The company said it will use the funding grow its go-to-market efforts and its suite of supply chain risk management and process tools. It also plans to introduce additional product categories, with multiple applications slated to launch each year.
Cofactr's platform integrates procurement automation, supply chain data intelligence and logistics infrastructure to streamline the manufacturing process for hardware teams, allowing them to source, quote, procure, manage, kit and ship electronic components through the same platform.
"Traditional supply chain management has left serious gaps for innovative companies navigating the electronics and mechanical spaces. We’re filling them by creating a seamless link between Product Lifecycle Management (PLM), Enterprise Resource Planning and Manufacturing Execution Systems (MES)," said Matthew Haber, CEO and co-founder of Cofactr.
"For these companies, it’s not agility or rigor – it’s both. We’re giving oversight departments the control visibility, and processes they require while giving product engineers the tools they need to get products to market fast," added Phillip Gulley, the company’s chief strategy officer and co-founder.
Cofactr said its platform is currently used by more than 50 customers, including the robotics division of the world’s largest e-commerce marketplace, the hardware division of the world’s largest social media company and the world’s leading self-driving car manufacturer.
"In mission-critical industries such as aerospace, defense, automotive and robotics, electronic components represent 70 percent of the bill of materials, yet existing procurement and supply chain software is generic and not built for the speed and requirements of electronics," said Ajay Agarwal, partner at Bain Capital Ventures. "Cofactr is the first modern AI solution for end-to-end electronics procurement and logistics that meets the needs of engineers, procurement teams and suppliers."
