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. 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.
Featured image from Adrian Sulyok via Unsplash.