The company will use the funding to strengthen core technology, big data analytics, and recommendation and prediction capabilities.
Upstream Commerce, which develops pricing and assortment intelligence solutions for retailers, today announced that the company has secured $3 million in funding. The proceeds will be used to further expand the company's pricing intelligence solutions. The investment was raised from YL Ventures, Bright Capital, and private investors.
Upstream Commerce's pricing intelligence solution is a cloud-based service using advanced artificial intelligence, semantic analysis and data-mining technology that enables retailers to compete more effectively, increase sales and grow profit margins using 24/7 comprehensive competitor pricing and assortment tracking and analytics.
Upstream Commerce CEO Amos Peleg said, “We will use the funding to further develop our core technology and product as well as expand our solution to provide critical intelligence-gathering capabilities that go beyond pricing and assortment intelligence. We will strengthen our big data analytics, as well as recommendation and prediction capabilities of the system, to provide our customers with actionable real-time data."
He added, “Our recent launch of Customized Analytics enhances our flexible platform to offer clients a full stack of tailor-made data-processing and insight-viewing capabilities. To further solidify our position as the leader in this space, we will also continue to build strong partnerships with leading ecommerce integrators and other retail solution providers around the world."
Upstream Commerce customers worldwide, include top global retailers such as Toys "R" Us and Staples. The company currently tracks millions of products, and has billions of quality intelligence data points.
The company was founded in 2010 by Peleg and CTO Shai Geva on the premise that automated retail intelligence capability should simplify and streamline the highly-complicated data-gathering process so retailers can concentrate on optimizing their merchandising, marketing and profit-making efforts. Headquartered in Boston, the company has a development center in Tel Aviv.
Published by Globes [online], Israel business news - www.globes-online.com - on February 5, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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