Feedvisor, which has developed an algorithm pricing solution for online retailers, has raised $1.7 million in a financing round. The investment was led by JAL Ventures with the participation of previous investors Oryzn Capital and Micro Angel Fund. The proceeds will be used to further develop the product and accelerate global growth.
Feedvisor is the world's first fully algorithmic repricing platform, offering e-commerce sellers a best in class, cloud-based solution to keep their prices competitive and maximize profitability. The Tel Aviv base company's patent-pending technology is a self-learning, constantly improving algorithm that checks the competitive offerings of millions of products every hour, and adjusts prices in real-time based on the seller's business goals.
Founded in 2011, Feedvisor is used by hundreds of retailers all over the world, with a purely success-based, pay-as-you-go style fee, and represents the next generation of automated pricing solutions.
JAL Ventures managing director Joshua Levinberg who will be joining Feedvisor's board said, "Over the past year, Feedvisor have emerged as the clear leader in the Dynamic Pricing space, representing a new wave of Big Data companies using machine learning to make automated, accurate and time-critical decisions."
Since launching its SaaS solution, targeted to Amazon marketplace sellers worldwide, Feedvisor has achieved 800% of year-over-year revenue growth.
Feedvisor CEO and founder Victor Rosenman said, "We are incredibly excited by the continued confidence shown to us by our investors and customers, and will continue to innovate, bringing best-in-class pricing and business intelligence solutions to online retailers."
Feedvisor was rated among the most innovative and promising startups in Israel by Forbes in 2012. The company's latest version, released in October, fully integrates Amazon's new Subscriptions API, offering faster decision making, more accurate pricings, and a larger historical dataset to learn from than ever before.
Published by Globes [online], Israel business news - www.globes-online.com - on October 24, 2013
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