(Corrects Series A funding to Series B funding.)

Elementum has closed $44 million in a Series B funding round led by Lightspeed Venture Partners. The startup is a spin-off from Singaporean logistics firm Flextronics International Inc, according to The Wall Street Journal (WSJ).

Elementum is a software startup that helps companies monitor their supply chains in real time. Chief Executive Officer (CEO) Nader Mikhail said the firm was inspired by fast-growing cloud software firms such as Salesforce.com Inc. Mikhail said that their software cuts deployment time from months or years to just weeks, in contrast to older supply chain software, the report detailed.

Mikhail explained: "Most players have looked at this space and said, let's build a big system to help you run your supply chain. We say, there are 50 unique problems that an OEM has to deal with, and each one deserves a bite-size app."

Flextronics led Elementum's Series A financing and contributed to the Series B. The latest round brings the startup's total raised capital to around $60 million. The California-based firm will use the new funding to beef up its engineering and sales efforts, WSJ reported.