Jithendra Palasagaram, CEO and Founder of Part Analytics: $4 Million Raised to Simplify Direct Material Sourcing

Welcome to another episode of Category Visionaries — the show that explores GTM stories from the tech's most innovative B2B founders. In today's episode, we're speaking with Jithendra Palasagaram, CEO and Founder of Part Analytics, a sourcing platform for direct materials that's raised $4 Million in funding.

Here are the most interesting points from our conversation:

• Part Analytics' Unique Offering: A B2B SaaS platform that empowers sourcing and procurement leaders in manufacturing companies with significant electronic spends to make quicker, smarter decisions throughout the product lifecycle.
• Inspiration Behind Part Analytics: Jithendra's firsthand experience with the challenges in sourcing and procurement roles at a large multinational corporation, combined with his academic tenure at the University of Chicago, motivated him to tackle these issues through technology.
• Fundraising in the Midwest: Jithendra's journey underscores the importance of networking and finding the right investors who share the vision for the company and contribute beyond just financial support.
• Platform Impact through Case Studies: A case study with ITW, a Fortune 500 company, showcased Part Analytics' ability to deliver 5% cost reduction on electronic components spend, reduce shortages by over 70%, and consolidate spend data for better negotiation leverage.
• Market Position and Vision: Distancing itself from traditional procurement solutions, Part Analytics champions a 'design to procure' philosophy, aiming to bridge the gap between engineering and sourcing from the onset of the design phase.
• Advice for Aspiring Founders: Reflecting on his entrepreneurial journey, Jithendra advises acting sooner and with conviction. He emphasizes the importance of fully committing to your venture from the start to accelerate progress and success.