Ottawa-based SaaS startup Lytica has secured over $13 million CAD in all-equity financing for its Series A round.
The investment was led by growth equity firm Resolve Growth Partners with participation from York IE. The startup refused to disclose the exact amount of the round.
Founded in 2005, Lytica uses machine learning and artificial intelligence (AI) to analyze pricing data, offering market insights to reduce costs and mitigate supply chain risk. Lytica claims that Fortune 500 and blue chip companies rely on its platform to find better prices, manufacturers, and suppliers.
In 2017, Lytica opened its Advanced Technology Center (ATC) to build on its AI platforms and enhance customer experience and improve productivity. Research conducted in the ATC develops the core technology platforms underpinning Lytica’s product roadmap, according to the company.
York IE is a return investor for Lytica as the venture firm also invested $1.5 million into Lytica last year. Lytica also received $1.08 million in debt financing from FedDev Ontario in 2020.
Lytica was vague about the details of how it plans to spend the recently secured capital other than noting intention to scale its operations, and invest in product and hiring. When it comes to talent acquisition, the company is focused on inbound marketing as well as technical and go-to market experts.
Lytica president and CEO Martin Sendyk was appointed to lead the startup in 2020, replacing Mark Tayles who stepped down to become executive vice president (EVP) of sales and customer success. As of May, Tayles is now the EVP of industry applications at the startup.
Prior to joining Lytica, Sendyk was the chief product officer at Canadian unicorn Assent Compliance. In his four-year career at Assent, Sendyk oversaw the development of software that helps companies and their suppliers ensure they’re complying with government regulations.
Lytica is among a number of Canadian tech companies that want to increase their share in the global supply chain analytics market, which was valued at $5.26 billion USD in 2021.
One such company is Toronto-based TealBook, which is developing a procurement intelligence platform to provide supply chain data to buyers. TealBook’s technology is also built to help companies in finding diverse vendors and to meet their environmental, social, and governance goals.
Lytica seems to be an amazing startup with immense possibilities. Congaraulations on the funding and my best wishes for the future
Shisir Gupta CEO & Founder Startupalnes
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds
here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.