Tel Aviv-based Feedvisor, an algorithmic pricing and business intelligence platform for online retailers, today announced that it has raised a $6 million Series A round led by Australia’s Square Peg Capital. Today’s announcement comes just under a year after the company announced its $1.7 million seed round, which included funding from JAL Ventures, Oryzn Capital and Micro Angel Fund, all of which also participated in this new round.
In its current form, Feedvisor focuses on retailers who use Amazon’s eCommerce platform. It helps these retailers keep their prices competitive by using self-learning algorithms that can automatically look at their competitors’ prices, product demand and price elasticity to figure out the best price according to a retailer’s business objectives.
If that sounds a little bit like our former Disrupt Battlefield finalist Boomerang Commerce, that’s no coincidence because the two offer a very similar range of services, but Boomerang focuses squarely on large retailers with an online presence while Feedvisor is only going after retailers on Amazon for now.
As Feedvisor director of marketing Shmuli Goldberg told me, the company currently focuses on Amazon because it is the largest online marketplace. He stressed that Feedvisor’s technology is flexible, however.
“It’s where we grew up and matured as a product and company, but our technology itself is not tied to one platform, and can be adapted to any number of applications, both in the marketplaces and the more traditional eCommerce and retail spaces,” he told me. “We’re watching the market very closely, and are working even closer with our clients. As online marketplaces and eCommerce as a whole matures, we’ll always be open to creating opportunities for ourselves on other platforms”
In total, the Feedvisor team says, its platform now manages over $1 billion in inventory for the service’s users.
As for the new funding, Goldberg said that the company will mostly use it for research and development to strengthen its current offering and to expand its business intelligence service. “Our primary goal here is to provide online businesses owners with all the information they need to successfully grow their business, and all in one place,” he said.Featured Image: Robert S. Donovan/Flickr UNDER A CC BY 2.0 LICENSE