Part Analytics is a cloud-based SaaS solution for procurement analytics of electronic components. Procurement specialists could use it to identify suppliers, negotiate contracts and price materials for a large original equipment manufacturing corporation. The aim is to reduce costs and generate actionable insights for those Fortune 200-size firms, Palasagaram said.
“The cost savings is the main factor and the other one is the supply chain risk. We’d be able to help them identify supply chain risks and mitigate the issue before it happens,” he said.
The co-founders have now completed a $625,000 seed funding round for the company.
An electronic board that is part of an MRI scanner, for example, could have thousands of different components, all coming from different suppliers, Palasagaram said. Read the full story here.