Big Data company Indix with offices in Chennai and Seattle has raised $8.5 million of a $9 million round co-led by Avalon Ventures and Nexus Venture Partners. The company will use the funding for product development and engineering efforts, apart from investing further in marketing and sales operations.
Indix’s product offerings include a product intelligence application for brands and retailers, and APIs for products, prices, promotions and stores. It can help brands and retailers discover insights on pricing and assortment in real-time, apart from monitoring products and sellers across a market. The company claims its customers include some of the world’s top 50 Internet brands and retailers and has 46 employees in India and the United States as of now.
It has so far raised $14.4 million over two rounds till now. It had raised $4.5 million from Nexus Venture Partners and Avalon Ventures in April 2013 and had raised $1.4 million from a group of investors including Nexus Venture Partners before that.
Other investments in big data companies
Bangalore-based big data firm Spire Technologies, had raised $8 million in a Series A funding round from unnamed investor, at a valuation of $23 million in December last year. News and data analytics platform Heckyl Technologies had raised over $3.5 million in Series B investment led by IDG Ventures in the same month.
India has seen a steady increase in the number of big data analytics companies entering the market here in the last few years. Walmart launched its Walmart Lab in November 2011 in India to focus on big data generated through mobile and social media.
Yahoo had opened its lab for big data inside the IIT Madras campus. Earlier this year MasterCard Advisors, a division of MasterCard had acquired an undisclosed stake in Mu Sigma, an analytics and decision sciences firm.