Artificial intelligence (AI) provider LevaData released a software product it calls an AI advisor for strategic sourcing and procurement, intended to help organizations manage their global supply chains, the firm said Thursday.
Sunnyvale, Calif.-based LevaData said its Leva product can drive savings across the supply chain by evaluating sourcing risks and opportunities, and then offering recommendations ranked by their financial impact and time horizon, the company said.
The system uses machine learning to analyze data that includes enterprise spend and forecast information; market intelligence; benchmarking; more than 5,000 news sources; and crowd-sourced intelligence derived from the community of all LevaData customers, the company said.
The product launch comes after LevaData raised $5 million venture capital in August. The company said at the time it planned to boost research into a market analysis tool called the "Cognitive Sourcing Platform."
Firms offering artificial intelligence for supply chain applications have gained generous venture capital support in recent months. Tech startups such as Aera Technology and ClearMetal Inc. have raised tens of millions of dollars for their products, while business software giant Infor has developed its own AI platform. The common thread is that the software can predict future trends and forecast events, the vendors claim.