Intelligence Node Raises $5.5 Million in Series B Funding, Targets 100 Percent Growth by 2020
AI Retail Analytics Leader Leverages New Funds to Focus on US Footprint, Expanding Product Portfolio and Growing Sales & Marketing Team
Retail analytics and pricing intelligence leader Intelligence Node announced the successful close of its Series B funding round with new participating investment partners Cornerstone Fund (CSVP Fund) and Calibre Ventures. Existing investors, MegaDelta Capital Advisors (erstwhile NEA India funds) and Orios Venture Partners are also participating, leading the company to its total funding amount of $10.6 million to date.
“The team has leapt forward with a disciplined vision, acquiring several category leaders as notable clients in the process. We are confident that with this additional investment, Intelligence Node will be able to continue expanding its product leadership and accelerate its growth and penetration into the retail market.”
Intelligence Node will use the funding to accelerate its goal of capitalizing on a unique market opportunity. Intelligence Node is now the leading independent player in this space having a fully productized solution and is well-positioned to capitalize on its market leadership, offering retailers a competitive solution providing the depth of coverage and superior performance which cannot be matched by in-house teams.
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By gathering and analyzing billions of data points across eCommerce sites, marketplaces, brick and mortar stores, direct marketing and consumer social media, Intelligence Node has created the world’s largest database of product pricing and promotion information. The Intelligence Node pricing architecture analysis compares the pricing of retail assortments, categories or products side-by-side, revealing actionable pricing gaps.
Intelligence Node’s sophisticated Minimum Advertised Price (MAP) monitoring solution is setting the bar for retail analytics by helping retailers to identify unauthorized sellers and prevent sales of counterfeit products, a large and growing pain point for today’s retail businesses.
“We find ourselves at an unprecedented inflection point where we have reached the cusp of product maturity and market readiness, and are looking to raise Series C funding shortly,” said Sanjeev Sularia, chief executive officer, Intelligence Node. “With the significant diminishing of competitors, the timing could not be better for us to bring on the right strategic partner and growth capital to set us up for our next phase of steep revenue trajectory.”
“We are seeing really good momentum in the market for Intelligence Node’s AI-enhanced retail pricing solutions,” said Abhishek Prasad, managing partner, CSVP Fund. “The brand itself has established clear leadership in the retail technology space on a global scale and the executive team, led by CEO and Co-Founder Sanjeev Sularia, has done an amazing job molding Intelligence Node into an industry force to reckon with, especially in the U.S. Cornerstone is excited about this partnership and is convinced that the startup will double in value by 2020.”
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“We are firm believers of the transformative impact that analytics and big data can have on enterprise decision making. Furthermore, Intelligence Node has demonstrated through its highly reputed global clientele that cutting edge technologies for pricing intelligence that are productized for rapid scalability is a massive opportunity. Since the initial investment in 2015, we have witnessed how interest in Intelligence Node’s product and the value it brings for retailers and brands continues to explode,” said Tarun Sharma, managing partner, MegaDelta Capital. “The team has leapt forward with a disciplined vision, acquiring several category leaders as notable clients in the process. We are confident that with this additional investment, Intelligence Node will be able to continue expanding its product leadership and accelerate its growth and penetration into the retail market.”
In addition to its growth in the US, Intelligence Node also plans to use this funding to make new senior leadership hires in sales and marketing to jumpstart its next phase of growth. The company will also be using the funds to expand its presence in the West Coast, targeting San Francisco as a potential location for its next sales and operations home base.
