Indix, the cloud-based Product Intelligence company that provides analytics and insights for brands, retailers and commerce enablers, today announced that it raised $15 million in new funding from Nokia Growth Partners, Nexus Venture Partners and Avalon Ventures.
The funding comes after a record Q1 in 2015, bolstered by more than 250 percent growth in year-over-year revenue and from relationships with major brands and retailers. Indix will use the funding to grow its team of data scientists and engineers as well as expand its sales and marketing efforts.
“Product Intelligence is now an essential service for commerce,” said Sanjay Parthasarathy, founder and CEO of Indix. “Every business – from those creating products, to those selling and helping sell products – has realized that in order to compete, they need deep product information that’s constantly up to date. This new investment enables Indix to accelerate the development of our Product Intelligence platform and extend the benefits to new use cases, new customer segments, and new geographies.”
The Indix Product Intelligence platform provides brands, retailers and commerce enablers access to deep insights, machine learning algorithms and comprehensive product information, including price, assortment, channel and other attributes for nearly one billion products. Businesses use the Indix App and APIs to speed decision making, improve how products are sold and develop innovative ways to create Product-Aware apps and websites that capitalize on the $1.5 trillion e-commerce market.