Feedvisor CEO: Clients have up to 500% sales increase and 40% profit margins increase.
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Israel-based Feedvisor, the algorithmic pricing and business intelligence (BI) platform for online retailers, announced today $6 million in Series A funding, led by Square Peg Capital. This round of funding 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.
The company founded by its CEO Victor Rosenman, Yair Margolin CRO and Eyal Lanxner VP R&D.
“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, ” said Victor Rosenman, CEO of Feedvisor. “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.”
Today, the Feedvisor 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.
“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, ” commented Dan Krasnostein, Parter at Square Peg Capital. “Feedvisor brings to the table an unmatched competitive advantage in the dynamic pricing market, with a superior repricing and business intelligence platform. We look forward to working with Feedvisor’s team in making it the platform of choice for online retailers.”