Paramount Data Management secures $4 million investment to grow electronic parts catalog
Paramount Data Management Inc., the auto parts data management and electronic product data catalog solutions leader, has closed a $4 million seed round to accelerate its growth. The round was led by FUSE, a leading early-stage venture capital firm based in Bellevue, Washington.
“In 2021, tablestakes for automotive parts manufacturers to sell their products begins with the ability to accurately and completely describe their products digitally. ‘Will this alternator fit a 2006 Toyota Land Cruiser with a 4.7L V8 engine?’ Paramount Data Management (PDM) empowers automotive parts manufacturers to seamlessly sell their products via more physical and digital channels, eCommerce platforms, and marketplaces,” said Johannes Crepon, co-founder and CEO at PDM. He added: “Automotive parts manufacturers and their sales and distribution channel partners like Amazon, eBay, and Walmart spend a lot of time, money and effort managing parts data and product catalog. PDM has modernized the electronic product data catalog and improved the way the entire automotive aftermarket parts supply chain exchanges information. The result is a process that is significantly more accurate and efficient than legacy solutions, allowing manufacturers, distributors and retailers to focus on their core business.”
“We are excited to partner with Johannes and the PDM team,” said Kellan Carter, General Partner at FUSE. “PDM has created a unique and authoritative data platform purpose-built for the automotive parts industry. They’ve assembled a world-class team that is reshaping an industry that trades hundreds of billions of parts per year. We couldn’t be more thrilled to be part of the PDM journey”.
The automotive industry is constantly changing. During COVID-19, there was strong demand for used cars as well as Original Equipment Manufacturer (OEM) and aftermarket car parts. PDM has seen steadily growing demand for aftermarket automotive parts – for maintenance and repairs, restoration, and upgrades. As markets and economies around the world are beginning to reopen, new car inventory is severely constrained due to supply chain problems, adverse weather and computer chip shortages. This is increasing demand for aftermarket auto parts. With the growing popularity of electric vehicles, the company is also seeing demand for electric vehicle car products for maintenance, repair and upgrades.
PDM customers already have access to canonical automotive aftermarket parts data from more than 900 brands. The company doubled its revenue during 2020. PDM plans to use the funds to continue to enhance its world-class cloud-based automotive parts electronic product data catalog and data management platform, to accelerate new customer adoption and to streamline onboarding new customers to its platform. Prior investors participated in the fundraising, confirming their belief that PDM is well-positioned to transform the auto parts data industry.
About FUSE:
FUSE is an early-stage venture capital firm investing in Pacific Northwest companies that are reinventing the modern economy with software. FUSE is committed to supporting the next generation of B2B technology entrepreneurs building category-defining businesses of lasting value. For more information about FUSE, please visit fuse.vc.
About PDM:
PDM is a technology company that provides a cloud-based data management platform for the automotive aftermarket parts industry. Connecting suppliers, resellers, and service providers with integrated analytics and tools to assure real-time availability and accessibility of product data, inventory, and pricing data for all sales and e-commerce channels. For more information about PDM, please visit pdmautomotive.com.
