BI PLatform Feedvisor Raises $6 million
Feedvisor is looking to bolster its pricing and business intelligence (BI) platform, as the company has raised $6 million in Series A funding.
The funding is led by Square Peg Capital and follows a $1.7 million seed round in October 2013 by JAL Ventures, Oryzn Capital and Micro Angel Fund, who also participated in this latest round.
“Combining Big Data technology with machine learning algorithms has led to drastically increased performance levels for Feedvisor’s clients, with up to 500 percent increase in their sales and 40 percent increase in their profit margins,” said Victor Rosenman, CEO and founder of Feedvisor. “With this substantial funding round we are looking to further evolve our pricing algorithms and continue developing our BI platform, to optimize every aspect of the retailer’s business operation.”
Feedvisor is leveraged by online retailers across the globe and manages more than $1 billion worth of inventory. The platform uses self-learning algorithms to automatically analyze the competitive environment and product demand to calculate optimal pricing according to a retailer’s business objectives.
“Over the last few years, marketplaces have become the most rapidly growing sector of e-commerce, and we’ve realized that there is a need for e-commerce retailers to have highly sophisticated technology they can rely on to achieve a competitive edge,” said Dan Krasnostein, partner at Square Peg Capital. “Feedvisor brings to the table an unmatched competitive advantage in the dynamic pricing market, with a superior repricing and business intelligence platform. We look forward to working with Feedvisor’s team in making it the platform of choice for online retailers.”