Supply chain platform Lyric says it has raised $43.5 million in new funding.
The company’s Series B round, announced Tuesday (Aug. 5), will allow it to bolster development of its algorithm catalog, expand its agentic artificial intelligence (AI) capabilities and add to its customer success team.
“From the beginning, we recognized that no two supply chains are alike,” Ganesh Ramakrishna, Lyric’s co-founder and CEO, wrote on the company’s blog. “They’re shaped not just by industry, but by a company’s unique strategy, customer expectations, and operating model. That’s why we built Lyric to be composable from the start, allowing teams to configure solutions that align with their specific needs, rather than bending their business to fit rigid software.”
He added that recent advances in generative and agentic AI, coupled with accelerated compute infrastructure, have added to Lyric’s abilities. The company works with clients that include Coca-Cola, Mondelēz, Owens & Minor, Google and Kuehne+Nagel.
“We originally chose Lyric as our next-generation supply chain design platform, but within six months, we were using it across many other decisions,” said Natesh Rao of Mondelēz in the release. “Their algorithmic horsepower is exceptional.”
The company’s funding round is happening when supply chain management is illustrating an old adage — “what gets measured ultimately gets improved” — as PYMNTS wrote earlier this year.
“Despite ongoing supply chain disruptions and operational uncertainties, there have never been more opportunities to move goods from point A to point B in the most efficient, effective, expedited and secure way possible,” that report said.
In an age marked by rapid advances in technology, the supply chain landscape has seen a major transformation thanks to solutions built leveraging AI and machine learning (ML), coupled with significant advances in the accessibility and cost of computing power.
“The culmination of those three things have revolutionized how we look at supply chain processes, all the way from demand forecasting to understanding at a granular level what customer needs are,” Parvez Musani, senior vice president, end-to-end fulfillment, Walmart U.S. Omni Platforms and Tech, said in an interview with PYMNTS. “The integration of AI, ML, and vast computing power, coupled with an abundance of data, has transformed our approach to demand forecasting, inventory flow, and cost optimization.”
Source: https://www.pymnts.com/