Supply chain data company Specright gets $8.8 million investment
Specright’s Specification Data Management software 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 more quickly develop new products.
Specright is expected to grow its staff from 30 to 75 by early next year with the investment.
“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,” said Matthew Wright, Specright’s founder and CEO. “Specright’s platform provides a foundation for all stakeholders to access specifications, collaborate in real-time and improve business performance.”
Wright developed the concept after spending over 20 years in the packaging industry — both as an executive and owner of a packaging manufacturer — and having to deal with the inefficiencies and costs related to low-quality specifications, or lack thereof, from customers.
The Series A round of funding is led by Pritzker Group Venture Capital (PGVC), with participation from previous investors Okapi Venture Capital, Fika Ventures and Mucker Capital.
Gabe Greenbaum, PGVC’s Los Angeles-based partner, who will be joining the board, has seen firsthand the inefficiencies and resulting negative impact on industries where there is a lack of supply chain and specification data.
“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 said. “We believe Specright is creating a multibillion-dollar market within the packaging industry and beyond.”