eCommerce management platform CommerceIQ has raised $60 million in a Series C round to fund its international expansion as well as product research and development, the platform announced in a Tuesday (June 22) press release.
The California-based company will especially focus on expanding its branch in India, based in Bangalore, where its platform technology was developed. CommerceIQ CEO Guru Hariharan called the country a “cornerstone” for the “company’s future market expansion into Asia-Pacific as a whole.”
The funding round was led by Insight Partners and also saw participation by existing investors Trinity Ventures, Shasta Ventures and Madrona Venture Group.
Using machine learning, automation and analytics, CommerceIQ optimizes brands’ eCommerce sales, marketing and supply chain operations. The technology uses algorithms and shares data analytics in real time that helps brands respond to the changing variables of online retail.
As eCommerce has grown 40 percent this year alone, “it is imperative that brands apply automation and machine learning to manage their business online,” Hariharan said in the press release. “The tried and true methods that were perfected for brick and mortar simply do not work online.”
The platform recently launched new tools to help grocery sellers on Amazon Fresh and Walmart boost sales and improve operation efficiency.
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Over 2,200 companies, including Colgate-Palmolive, Nestle and Kellogg’s, use CommerceIQ’s technology. According to the release, these brands see an average increase in incremental sales of 40 percent and an average increase in profitability of 20 percent.
Succeeding in eCommerce “is unique and takes building a different muscle versus the traditional ways of doing business,” Surabhi Pokhriyal, worldwide director of global digital commerce at Colgate-Palmolive, said in the release. “Automation has helped us move away from manual processes to streamlined e-commerce operations, driving market share and profitability.”
