Specright, Inc., Irvine, Calif., announced an $8.8 million Series A round of funding led by Pritzker Group Venture Capital (PGVC), Chicago, with participation from previous investors Okapi Venture Capital, Laguna Beach, Calif.; Fika Ventures, Los Angeles; and Mucker Capital, Santa Monica, Calif., to accelerate product development, grow the team from 30 to 75 employees by early 2020 and expand operations in producing Specification Data Management (SDM) software.
"It's hard to believe, but most of the critical data required to make, package, sell and buy goods typically lives in spreadsheets or on employee hard drives," says Matthew Wright, founder and CEO of Specright. "Specright's platform provides a foundation for all stakeholders to access specifications, collaborate in real-time and improve business performance. We're excited to drive this next wave of supply chain innovation.”
Specright's platform enables companies to digitize critical specifications such as product, packaging, formula and ingredients to ensure data quality within a company and across its supply chain. Customers can then leverage data and workflows to create efficiencies, reduce costs, drive sustainability, ensure product quality and develop new products. This single source also creates logical families of machines, packaging, raw materials and ingredients of products at a deep data level to drive intelligence.
Gabe Greenbaum, partner at PGVC, will join the board of directors.
"As investors with deep roots in the manufacturing and supply chain ecosystem, we've seen the pain and inefficiencies caused when business units, vendors and suppliers aren't on the same page due to the traditional siloing of data," Greenbaum says. "We believe Specright is creating a multi-billion-dollar market within the packaging industry and beyond."