Harmonya bags $20M to decipher product data for CPG brands

Like other companies, retailers and consumer packaged goods companies have a lot of data accumulated about their products and consumers. However, legacy data models aren’t always cutting it when it comes to understanding that data down to the individual product level. And that is leaving companies scrambling to keep up amid consumer behavior changes.

This is where Harmonya comes in. The software company, based in New York with an office in Tel Aviv, provides retail and CPG companies with AI-powered product data enrichment, categorization and insights.

“From a data standpoint, there is no single truth when it comes to products and product data, and the fact that various stakeholders along the entire value chain of commerce — and even within the same organizations — have different ways of categorizing and classifying products,” said Cem Kent, co-founder and CEO of Harmonya, in an email interview.

“By synthesizing data points and signals from a wide range of data sources, and leveraging our proprietary generative AI and models that are purpose-built to understand the language of commerce, Harmonya is able to dynamically surface product attributes, and create a new product language, one, that as its core, is able to understand and break down products to their most granular and molecular level,” Kent added.

Simply put, the company, using proprietary large language models, is able to generate product attributes from things like titles, descriptions, ingredients and consumer reviews from the data sources themselves rather than creating a static list of attributes and matching them to the product.

Since its founding in 2021, Harmonya has grown its customer base, mainly during the first half of 2023, and now boasts a customer list that includes four of the top 10 global CPG companies and large U.S. retailers.

Today the company announced $20 million in Series A funding. The round was led by Bright Pixel Capital and included participation from existing investor Team8 and Arc Investors, J Ventures, Silicon Road Ventures, Allen & Company, LiveRamp Ventures and Susa Ventures. The new investment gives Harmonya $25 million in total funding to date.

The funds will be used to continue growing Harmonya’s R&D operations, improve its suite of tools targeted to large enterprise customers and hire in areas like sales and marketing, Kent said.

“The next step for us is to put our heads down and focus on delivering on our product roadmap, continuing to refine our solution and offering so that we’re creating meaningful value for our customers, and to execute on our go-to-market strategy so that we can bring on new customers efficiently and at scale,” Kent said.