Israeli algo-commerce company Feedvisor has closed a $5 million financing round led by Australian venture capital firm Square Peg Capital. This latest investment follows the $6 million Series A funding in August 2014 and brings Feedvisor’s total capital raised to date to $13 million. The round also included participation from existing investors, JAL Ventures and Titanium Investments. The company will use this capital to continue accelerating growth and global business expansion, including opening offices in the US.
Feedvisor has developed algo-commerce, using big data and machine learning algorithms to make business-critical decisions for online retailers, which enables online retailers to price dynamically without a need to continuously program complex pricing rules. Instead, Feedvisor’s machine learning algorithms automatically analyze market dynamics, changes in demand, and price perception, enabling accurate pricing decisions that eliminate human bias.
Tel Aviv-based Feedvisor's was founded in 2011 by CEO Victor Rosenman. He said, “For retailers to stay relevant in today’s market, there is an urgent need to adopt a dynamic pricing strategy that reflectsongoing changes in market conditions and the competitive environment. Consumers are far more sophisticated, prices more transparent, and online retailers simply cannot sit still and wait.”
The company’s customer base has grown by over 200% since its previous round of funding. Today, Feedvisor is used by hundreds of online retailers worldwide to manage over $1.5 billion in gross merchandise volume.
Published by Globes [online], Israel business news - www.globes-online.com - on December 21, 2015
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