Overview

Specright specializes in Specification Management and supply chain data management, focusing on the manufacturing, packaging, and product development sectors. Its platform allows businesses to manage and optimize product specifications, which include details about ingredients, packaging, and labels. By centralizing this information, Specright helps companies streamline operations, reduce costs, and foster innovation. A unique feature of the platform is its ability to integrate specification data with sales data, enabling informed decision-making. Operating on a Software-as-a-Service (SaaS) model, Specright provides a user-friendly experience that encourages adoption and supports project implementation. The company's goal is to enhance product quality, optimize costs, and promote sustainable practices through effective data management.

Simplify's Take

What believers are saying

• Partnerships with How2Recycle and Trustwell enhance Specright's market reach and capabilities.
• Awards from G2 and Food Logistics highlight Specright's industry recognition and performance.
• Increased focus on sustainability drives demand for Specright's specification data platform.

What critics are saying

• Emerging startups in specification management could threaten Specright's market share.
• Economic downturns may reduce spending on SaaS platforms, impacting Specright's revenue.
• Data privacy regulations like GDPR pose challenges to Specright's data management practices.

What makes Specright unique

• Specright is the first cloud-based platform for Specification Data Management.
• The platform integrates specification data with sales data for data-driven decisions.
• Specright offers additional services like webinars and a Specification Management Summit.

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Funding

Total Funding

$42M

Below

Industry Average

Funded Over

3 Rounds

$30,000,000

Series B

Jul 2021

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.

Series B Funding Comparison

Below Average

Industry standards

Ind Avg. $35M

$4M

$30M

$30M

$45M

$65M

$100M

View all funding stages