Upstream Commerce said it raised an additional $3 million in funding from YL Ventures, Bright Capital and other private investors. The money will go toward product and technology development.
Upstream Commerce Secures Additional $3 Million in Funding to Shape the Future of Pricing and Assortment Intelligence Solutions for Retailers
Funding to strengthen core technology; big data analytics; recommendation and prediction capabilities
Boston, MA, February 5, 2013 – Upstream Commerce, the leading provider of pricing and assortment intelligence solutions for retailers, today announced that they have secured an additional $3 million in funding to further expand their best-in-class Pricing Intelligence solutions. The funding comes from YL Ventures, Bright Capital, and additional private investors.
Upstream Commerce’s pricing intelligence solution is a cloud-based service using advanced artificial intelligence, semantic analysis and data-mining technology that enables retailers to compete more effectively, increase sales and grow profit margins using 24/7 comprehensive competitor pricing and assortment tracking and analytics.
“We will use the funding to further develop our core technology and product as well as expand our solution to provide critical intelligence-gathering capabilities that go beyond pricing and assortment intelligence,” says Upstream Commerce CEO, Amos Peleg. “We will strengthen our big data analytics, as well as recommendation and prediction capabilities of the system, to provide our customers with actionable real-time data.
“In addition, our recent launch of Customized Analytics enhances our flexible platform to offer clients a full stack of tailor-made data-processing and insight-viewing capabilities,” Peleg says. “To further solidify our position as the leader in this space, we will also continue to build strong partnerships with leading ecommerce integrators and other retail solution providers around the world.”
Upstream Commerce services an impressive list of customers worldwide, including top global retailers Toys “R” Us and Staples. The company currently tracks millions of products, and has billions of quality intelligence data points.
Historically, retailers have relied on personal experience and manual tracking to optimize their pricing and assortment relative to their competitors. However, the manual approach is no longer practical in today’s intensely competitive, constantly evolving, and real-time online retail space.
Bright Capital’s Investment Director, Gleb Kaplun, says, “Upstream Commerce has a great team, fantastic technology, and a tremendous vision that will undoubtedly shape the future of retail intelligence.”
About Upstream Commerce
Upstream Commerce is dedicated to helping retailers around the world compete more effectively, increase sales, and grow profit margins through the use of advanced automated real-time intelligence-gathering and analysis.
The Company was founded in 2010 by seasoned retail technology experts, Amos Peleg and Shai Geva on the premise that automated retail intelligence capability should simplify and streamline the highly-complicated data-gathering process so retailers can concentrate on optimizing their merchandising, marketing and profit-making efforts.
To find out more about Upstream Commerce’s Pricing and Assortment Intelligence Solution — and to try the free online demo — please visit www.UpstreamCommerce.com