The company, which is headquartered in Atlanta, Georgia will use the capital for enhanced product offerings and expansion of the sales team. The funding was led by Fulcrum Equity Partners with participation from IDEA Fund Partners, Alerion Ventures, Knoll Ventures, and Tamiami Angel Funds, as well as a group of industry-experienced individual investors that include Richard Haddrill, former CEO of Manhattan Associates, and Pervinder Johar, former VP of Supply Chain of HP who will be joining the Board of Directors.

"Given the ever-increasing focus on quality, compliance, and efficiencies, manufacturers require enhanced visibility and collaboration within their complex supply chains," said Frank X. Dalton, Partner of Fulcrum Equity Partners. "The demand for the product is increasing and the management team is strong, so now is the right time to amplify the efforts around LiveSource."

With LiveSource, manufacturers such as Dana Incorporated, Plastic Omnium Auto Inergy, and Safran, gain greater visibility across their entire supplier network, so they can plan more effectively and be able to respond to changes quickly. LiveSource does this by collecting and normalizing data from disparate systems (such as ERP, sourcing, engineering, tooling, and quality systems) and providing an easy, seamless way to share data across disciplines.

"This is a significant milestone and we are excited to deliver transformative technology to the manufacturing industry through our platform," said Bo Hagler, CEO of LiveSource. "Our team is very proud of our accomplishments and looks forward to continuing to help our customers strengthen their business by providing the tools to lower their cost of goods sold and reduce risk."