Tel Aviv-based Feedvisor, which has developed an algorithmic pricing and business intelligence (BI) platform for online retailers, has raised $6 million in Series A funding, led by Square Peg Capital. This financing round follows a $1.7 million seed round in October 2013 by JAL Ventures, Oryzn Capital and Micro Angel Fund, who also participated in this round.
Feedvisor CEO and Founder Victor Rosenman said, “Combining big data technology with machine learning algorithms has led to drastically increased performance levels for Feedvisor’s clients, with up to 500% increase in their sales and 40% increase in their profit margins. 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.”
Founded in 2011, Feedvisor's platform is used by online retailers worldwide and manages over $1 billion worth of inventory. The company has revolutionized the way online retailers operate, by freeing them from programming complex pricing rules. Instead, Feedvisor’s self-learning algorithms automatically analyze the competitive environment, product demand, and price elasticity function of precisely every retailer’s products and calculate its optimum price according to the retailer’s specific business objectives.
Square Peg Partner Dan Krasnostein said, “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. Feedvisor brings to the table an unmatched competitive advantage in the dynamic pricing market, with a superior repricing and business intelligence platform."
Published by Globes [online], Israel business news - www.globes-online.com - on August 27, 2014
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