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To call 2024 “a year of unprecedented growth” would be an understatement. Between raising our Series A funding, shipping powerful features, and growing our team, we’re proud of the formative steps we’ve taken while building effective supply chains for innovative manufacturers.
Over the last 12 months, we have invested in automating processes with proprietary AI, increasing supply chain visibility, and streamlining communication with your vendors. The results speak for themselves.
Our platform is a true end-to-end solution for engineering organizations. Hitting this turning point, our new team additions and investor support perfectly position us to accelerate our momentum into 2025.
Here’s a look back on Cofactr’s biggest milestones of the year and how they’re powering our path forward.
Hitting major milestones on all fronts in 2024
From bold moves that laid the groundwork for our next chapter to reaching new heights across our customer base, the Cofactr team had plenty to celebrate in 2024 — and we have the data to back it up.
In November, we raised $17.2 million in Series A funding, led by Bain Capital Ventures, with the participation of DNX, Y Combinator, and Floating Point. The trust these leading venture capital partners place in us is more than a testament to our platform’s impact. It empowers us to continue innovating for years to come so manufacturers can put procurement and materials management on autopilot.
This funding was timely as it enabled us to continue supporting our team. We owe this milestone to our growing customer base, which includes larger organizations across the A&D, robotics, autonomous vehicles, medtech, and consumer electronics manufacturing industries.
These achievements didn’t happen overnight—they took dedication, innovation, and a relentless focus on our customers’ needs. We are excited to take you behind the scenes.
Milestone #1: Creating the ultimate end-to-end platform for your business
Electronic components management has always been our bread and butter. But as our platform grew more powerful with features like AI-assisted search and customizable POs, we saw an opportunity to deliver even more value for our customers. So, in 2024, we expanded our capabilities to manage the procurement of all your materials, as well as all vendor communication and logistics.
Centralizing these functions means you no longer have to chase down vital information across email chains, scattered files, and platforms like PLMs, ERPs, and P2Ps. Instead, you have all the data at your fingertips — allowing you to keep production on schedule by resolving potential risks in your library and maintaining compliance at all times.
The result? A single, powerful system of action that supports your critical systems of record. Your secret weapon for enhancing supply chain transparency and ensuring smooth collaboration across your engineering, procurement, and production teams.
Milestone #2: Shipping game-changing product features
Building an end-to-end solution for our customers pushed us to reimagine how organizations manage their supply chains. We enhanced our platform to streamline internal processes further and surface valuable data to make quick, strategic decisions about your products.
Now, engineers can get back to what they love most — the engineering process itself — with tools like:
- DocAI: Trained on carefully curated data from verified sources, DocAI instantly provides critical part insights that would otherwise take weeks to uncover between invoices, packing slips, and supplier emails. With this information, you can get ahead of changes in your components’ lifecycles and identify the source of possible engineering setbacks across your supply chain to build scalable products.
- Direct spend for all categories: You can now use Cofactr to request, receive, and manage all your quotes, including offers for custom parts. This functionality eliminates fragmented communication with multiple suppliers and helps you compare prices on the spot to pick the right parts for your needs and budget.
- Country of Origin: Manufacturers now see the Country of Origin for every part in their inventory, ensuring their materials come from the right place to meet regulatory requirements.
- Robust integrations: We continued to make Cofactr even more flexible by deepening our integration with Altium and building new integrations with leading ERPs, PLMs, and other systems of record. With these additions, companies of all sizes and diverse levels of internal complexity can create a seamless flow of information across their entire tech stack.
Milestone #3: Building a dedicated team to bring innovation to life
To drive exceptional results, you first need to invest in exceptional talent. In 2024, we leaned into this belief by hiring experienced professionals across our key business functions and scaling our team by 50%.
Here are just a few of our new team members helping us shape the future of hardware manufacturing:
- Ed Dodd, VP of Business Development, whose experience as the former Director of Army Programs at Ansys, will be essential in innovating our approach to compliance and supply chain risk management.
- Joshua Weber, Head of Implementation and Customer Success, to help us exceed customer expectations with instant first-class support every day.
- Libby Melton, Director of Marketing—As the former senior product Marketing Manager at Octopart, Libby knows precisely how to bring our customers’ stories to life and further expand our reach to new audiences.
- Mykayla Banyai, Head of People—With extensive experience helping startup companies scale their talent and ensure a culture of collaboration, Mykala will be pivotal in supporting our growth and maintaining our high talent level.
Beyond these wins, we also welcomed three world-class engineers in 2024: Tom Clancy, Sr. Backend Engineer, Griffin Moe, Sr. Frontend Engineer, and Sunny Ughareja, Sr. Full Stack Engineer. Their expertise will be invaluable as we bridge the gap between manufacturers and seamless supply chain management.
Proving our impact by providing customers with maximum value
Our biggest strides of 2024 were all driven by the same goal – helping engineering innovators scale production with minimal disruption. And looking at our customers’ success, we can already tell that our efforts are paying off.
Getting ahead of supply chain disruptions with real-time part-data
PatchRx, an innovative healthcare startup, started using Cofactr during the COVID-19 pandemic to build a resilient supply chain. Leaning on our platform for part pricing, availability, and lead times, PatchRx now proactively gets ahead of supply shortages and delays, reducing sourcing risk by 20% and accelerating procurement timelines by 30%.
Accelerating production cycles with a centralized supply chain platform
For Stoke Space, supporting rapid production cycles for their reusable rockets required seamless sourcing and component management. Cofactr’s unified platform helped them fulfill this goal with one-click procurement for hundreds of parts, enabling faster, scalable growth.
Scaling hardware operations with efficient sourcing and logistics
Neros Technologies wanted to expand its manufacturing capabilities — but inefficient supply chain operations occupied the team. Cofactr combined their BOM, library, and inventory data to streamline sourcing and component logistics, saving every engineer 16 hours per week and getting to market one month faster.
Power up your supply chain in 2025 with Cofactr
This was a defining year for Cofactr. And it’s just beginning.
Steered by our unwavering commitment to our customers, employees, and partners, we are gearing up for an even more impactful 2025 — and we are giving you a sneak peek into our top priorities:
- Providing greater backward and forward traceability for your components
- Enhancing our feature set, including full BOM direct spend procurement, to further automate the workflows within our customers’ systems with high accuracy
- Launching exciting new capabilities for a clean and healthy part library, including alternative recommendations for passives and more complex part families
Our team’s drive, talent, and dedication will play a pivotal role in achieving these goals. Leaning on their combined experiences, we will support more diverse businesses, steadily advancing on our mission to become the ultimate platform for all your supply chain needs.