Nokia Growth Partners backs Product Intelligence firm after record Q1
SEATTLE – June 24, 2015 – 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.
“We are very pleased to back the world class team at Indix and support the global expansion of their industry leading Product Intelligence platform,” said Upal Basu, Partner at Nokia Growth Partners. “Commerce is dramatically changing and Indix has distinguished itself by having a highly scalable platform as well as a bold vision for the industry.”
Indix previously raised $15 million in funding from Nexus Venture Partners and Avalon Ventures, as well as several industry angel investors.
Indix is building the world’s largest product database and a Product Intelligence platform that helps businesses boost productivity, drive innovation, and accelerate growth. Using the Indix App and APIs, businesses can improve product search and discovery, optimize promotions and offers, enrich product catalog attributes, and analyze the market and competitors. Indix also provides machine learning services using proprietary data science algorithms. Indix currently tracks more than 800 million products across more than 7,000 categories. The company now has offices in Seattle, San Francisco and Chennai. For more information, please visit http://www.indix.com.