Mountainview-headquartered retail ecommerce management platform CommerceIQ leverages machine learning, analytics, and automation to optimize the ecommerce channel across the supply chain, and marketing and sales operations functions to win the consumer at the moment of purchase and drive profitable market share growth.
The startup announced it has raised $115 million in a new financing round at a valuation of more than $1 billion. The new Series D round was led by Softbank Vision Fund 2 and existing institutional investors – Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group.
CommerceIQ, which has raised $175 million in funding in the last 12 months, will use the raised funding to expand the business globally and to accelerate the development of its unified Retail Ecommerce Management Platform.
Apart from expansion, The startup will also focus on accelerating hiring for CommerceIQ in India, including expansion across software development, data science and analytics, product operations, and customer support.
“Our mission is to empower brands to move from analog to algorithms. Winners in this new era of commerce will be determined by how fast they can reinvent their business from siloed and manual to fully connected and automated. And our customers are winning big, with an average revenue growth of 18%, driven by real-time optimizations that boost share-of-voice (SOV), minimize out-of-stock (OOS), and prevent revenue leakage,” said Guru Hariharan, CEO of CommerceIQ.
“We are beyond grateful to our investment partners for their support that will enable us to quickly scale and address the urgent needs of large consumer brands to unlock their full potential. By providing intelligent automation across the entire ecommerce stack, CommerceIQ will become even more critical for brands to grow their market share and profitability.”
“As ecommerce penetration continues to surge, competition and technical complexity will make it harder than ever for brands to stand out online,” said Priya Saiprasad, partner at SoftBank Investment Advisers. “We believe that CommerceIQ can provide companies with a substantial edge by harnessing the power of algorithms and automation to supercharge their online presence.”
CommerceIQ claims to have more than 2,200 clients on its platform, including Colgate, Nestle, Duracell, and Whirlpool. Ms. Saiprasad will also join the CommerceIQ Board of Directors.