TEL AVIV, Israel, Dec. 21, 2015 /PRNewswire/ -- Feedvisor, the Algo-Commerce company, today announced that it has closed a $5 million venture funding round led by Square Peg Capital. This latest investment follows the $6M Series A funding in August 2014 and brings Feedvisor's total raised capital to date to $13 million. The round also included participation from existing investors, JAL Ventures and Titanium Investments. The company will use this capital to continue accelerating growth and global business expansion, including opening offices in the US.
"For retailers to stay relevant in today's market, there is an urgent need to adopt a dynamic pricing strategy that reflects ongoing changes in market conditions and the competitive environment," said Victor Rosenman, CEO and Founder of Tel-Aviv based Feedvisor. "Consumers are far more sophisticated, prices more transparent, and online retailers simply cannot sit still and wait."
Feedvisor has revolutionized the way online retailers operate, by enabling them to price dynamically without a need to continuously program complex pricing rules. Instead, Feedvisor's machine learning algorithms automatically analyze market dynamics, changes in demand, and price perception, enabling accurate pricing decisions that eliminate human bias.
Feedvisor's unique approach to pricing optimization has proved itself through a massive adoption of its solution by online retailers. The company's customer base has grown by over 200% since its previous round of funding. Today, Feedvisor is used by hundreds of online retailers worldwide to manage over $1.5 billion in gross merchandise volume.
"The global E-commerce market is growing rapidly and has already exceeded $1 trillion in gross merchandise sales, with pricing being one of the top challenges," commented Dan Krasnostein, Partner at Square Peg Capital. "We are thrilled to support the Feedvisor team as they continue to provide this invaluable solution to their rapidly expanding customer base."
Feedvisor is the pioneer of Algo-Commerce – the discipline of using Big Data and Machine Learning Algorithms to make business-critical decisions for online retailers. Feedvisor's cloud-based Algorithmic Repricing and Revenue Intelligence solutions power millions of pricing decisions daily; providing retailers with actionable insights to maximize profitability and drive their business growth.