Specright raises $8.8 million for product development
Software company Specright Inc., Irvine, Calif., has secured $8.8 million funding from investors to speed up product development, expand operations globally and more than double its employees.
Specright allows customers to control supply chain specifications on packaging, products and raw materials, according to a news release.
"Specright's platform provides a foundation for all stakeholders to access specifications, collaborate in real-time, and improve business performance,” Matthew Wright, founder and CEO, said in the release. “We're excited to drive this next wave of supply chain innovation.”
The Series A round of funding was led by Pritzker Group Venture Capital and previous investors Okapi Venture Capital, Fika Ventures and Mucker Capital.
Wright, who spent more than 20 years in the packaging industry, said Specright is designed to deal with inefficiencies and costs related to low quality specifications, or a lack of them, from customers.
Once information is entered into the system, Specright recommends actions the company can take to save money or improve operations.
"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," Gabe Greenbaum, a Pritzker Group principal and new Specright board member, said in the release.
Specright plans to expand the number employees from 30 to 75 by early 2020, according to the release.