Supply chain and logistics management platform startup Cofactr Inc. announced today that it has raised $17.2 million in new funding to scale up its go-to-market efforts and grow its supply chain risk management and process tools suite.

Founded in 2021, Cofactr offers a platform that integrates procurement automation, supply chain data intelligence and logistics infrastructure to streamline the manufacturing process for hardware teams. The company’s platform allows hardware teams to source, quote, procure, manage, kit and ship electronic components through a single solution.

The integrated platform replaces traditional spreadsheets and manual processes to provide insights and on-demand logistics to support electronic hardware from the bill-of-materials stage to scaled printed circuit board assembly manufacturing. Using Cofactr’s platform, companies can manage parts sourcing, handle supplier procurement, approve and pay for orders, move items between vendors, ship and track delivery progress, and understand real-time stock availability.

Compliant with standards such as the International Traffic in Arms Regulation, the platform runs entirely on Amazon Web Services Inc.’s Government Cloud and has been built to meet the requirements of high-compliance industries.

“Traditional supply chain management has left serious gaps for innovative companies navigating the electronics and mechanical spaces,” said Cofactr co-founder and Chief Executive Matthew Haber. “We’re filling them by creating a seamless link between product lifecycle management, enterprise resource planning and manufacturing execution systems.”

Cofactr says its platform is used by more than 50 companies, including hardware manufacturers and research and development groups at major digital enterprises. Notable customers for supply chain and logistics management include Amazon Robotics LLC, Snap Inc., Parchrx LLC, Aigen Inc., Neros Labs Inc. and Nautilus Defense LLC.

Bain Capital led the Series A round and existing seed investors Y Combinator Inc., Floating Point Ventures, Broom Technologies Inc. and DNX Ventures also participated.

“In mission-critical industries such as aerospace, defense, automotive and robotics, electronic components represent 70% of the bill of materials, yet existing procurement and supply chain software is generic and not built for the speed and requirements of electronics,” said Ajay Agarwal, a partner at Bain Capital Ventures. “Cofactr is the first modern artificial intelligence solution for end-to-end electronics procurement and logistics that meets the needs of engineers, procurement teams and suppliers.”

Image: Cofactr