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Indix raises $15M from Nokia Growth Partners, Nexus and Avalon Ventures

big data

Seattle based Indix, a search engine platform and app which crawls product data and analytics, has raised Series B funding worth $15 million from Nokia Growth Partners and existing investors Nexus Venture Partners and Avalon Ventures. Indix will use the funds to add to its team of data scientists and engineers while expanding its sales and marketing efforts. It will also accelerate its product intelligence platform development to add new use cases, customer segments and geographies.

In March last year, the company had raised $8.5 million of a $9 million round co-led by Avalon Ventures and Nexus Venture Partners.The company had said that it would use the funds for product development and engineering efforts, apart from investing further in marketing and sales operations. It had raised $4.5 million from Nexus Venture Partners and Avalon Ventures in April 2013 and $1.4 million from a group of investors including Nexus Venture Partners before that.

Indix was co-founded by Sanjay Parthasarathy, Sridhar Venkatesh, Satya Kaliki and Rajesh Mupalla in 2010. The company’s Product Intelligence platform provides brands, retailers and commerce enablers deep insights, machine learning algorithms and product information like price, assortment and channel among other attributes for over 1 billion products. The app and APIs help businesses understand product sale and develop product-aware apps and websites to cash in on the ecommerce market. The company claims to track over 800 million products across over 7,000 categories and has offices in Seattle, San Francisco and Chennai.

Funding in the big data space:

– Earlier this month, Tracxn, a research platform for private market investors, raised $10 million in a round of funding led by Sachin Bansal and Binny Bansal of Flipkart along with other individual investors. The platform will use the funding to launch an incubator called TracxnLabs, which will invest $20,000 to $50,000 in various startups.

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– Data sciences and analytics firm Saama Technologies raised $35 million in a round of funding from California-based Carrick Capital Partners.

– In February, data analytics firm Manthan System raised $62 million in a round of funding led by Temasek and participation from existing investor Norwest Venture Partners. It had previously raised additional funding from Norwest and Fidelity Growth Partners in August 2014 and had raised $15 million in a Series C round of funding from Norwest Venture Partners back in February 2012.

– In January, data analytics startup Tookitaki raised $1 million in seed funding led by Jungle Ventures and participation from Blume ventures and Rebright Partners. The startup had said it would use the funds to expand to newer markets like Australia, New Zealand, Japan and Southeast Asia and invest in research & development.

– In the same month, big data company Antuit holdings raised $56 million from investment bank Goldman Sachs and existing investor Zodius Capital. The funding would be used to support the company’s acquisitions and organic growth.

– Tech Mahindra also acquired 75% stake in the big data analytics company Fix Stream Networks Inc (FSNI) for $10 million in April last year.

Image Credit: Flickr user kris krüg

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