Mumbai-based IntelligenceNODE, a big data analytics startup, has raised Series A funding worth $4 million from New Enterprise Associates (NEA) and Orios Venture Partners, reports ET. The company will use the funds for client base expansion and augmenting its technology team.
The company claims that it provides its clients intelligence which reduces the merchandising cycle from 6 months to 10 days through trends in high velocity unstructured data. Started in 2012 by Yasen Dimitrov and Sanjeev Sularia, it helps retailers with pricing and merchandising analytics by recommending prices and identifying underperforming items to be struck out. It also categorises products for co-marketing to increase margins.
IntelligenceNODE has two products: iNCompetitor, which is a pricing and assortment data platform, which works with online and offline retailers and iNOptimizer, which uses price and merchandising algorithms to adjust pricing and assortment for increasing profit margins. It also helps stores design layouts and promotions targeted at impulse purchases. IntelligenceNODE claims to have clients in Unilever, Tata, Jockey and online lingerie store PrettySecrets. The TC report also added that so far, IntelligenceNODE had raised $4.4 million in funding, and claims that its revenues grew 450% between last year and this year.
Funding in the big data space:
– Last month, Big data and analytics startup Flytxt raised $11 million in funding led by Sunrise Capital GmbH and Big Data Investments B.V. with participation from Flytxt’s existing investors Cliffton Holding, IVC Venture Capital AG, RM Beteiligungsverwaltung GmbH and Schnell Consult GmbH.
– In June, Seattle based Indix, a search engine platform and app which crawls product data and analytics, raised Series B funding worth $15 million from Nokia Growth Partners and existing investors Nexus Venture Partners and Avalon Ventures.
– In the same 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, to launch an incubator called TracxnLabs, which will invest $20,000 to $50,000 in various startups.
– 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.
– 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.
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