Ottawa-based 360pi, a software developer focused on retail price and product intelligence, has raised US$4.1 million from U.S. venture capital firm Silverton Partners and other investors. The new funding will allow 360pi to execute and grow its business. Concurrent with the deal, Silverton’s Morgan Flager will join the company’s board of directors. Earlier in 2013, 360pi received investments totaling $2.5 million from MaRS Investment Accelerator Fund, angel investors and the Federal Economic Development Agency for Southern Ontario.
360pi Raises $4.1 Million to Accelerate Growth in Retail Price Intelligence
Silverton Partners leads company financing.
Ottawa, Canada (PRWEB) August 19, 2013
Today, 360pi, the leader in retail price intelligence, announced the company has secured $US4.1 Million in financing from Texas-based Silverton Partners and other investors. Silverton Partners were previously the lead investors in BlackLocus, a former competitor of 360pi that was acquired in December 2012 by The Home Depot. This new financing strengthens the company’s capital position to execute and grow the business, and brings to bear Silverton’s prior experience in the space.
360pi continuously monitors and reports on competitive prices for exact and similar product matches for many of North America’s largest retailers. 360pi has built a formidable customer footprint within the last two years that accounts for over $US75 Billion in annual retail sales and includes Ace Hardware, Best Buy Canada and Overstock.com. In addition to serving many of the world’s leading retailers, 360pi is drawing significant interest from business partners such as IBM’s Smarter Commerce team, with which 360pi is delivering an integrated price optimization – price intelligence solution that is in use at leading retailers.
“Enterprise retailers and manufacturers depend upon 360pi’s unparalleled data completeness and accuracy to increase their revenues and margins,” stated Alexander Rink, 360pi’s CEO. “With this investment, we will drive further results for retailers, such as for price recommendations and increased sales conversions, by deriving additional insights from our big data price intelligence platform, and increase the company’s thought leadership position in the industry.”
“Being very familiar with the space, we feel strongly that market conditions are right for significant growth in the price intelligence market. When BlackLocus was acquired in December 2012, the executives unanimously pointed to 360pi as the competitor they most respected,” said Morgan Flager, Silverton General Partner. “Having met with the 360pi management team and spoken with 360pi’s customers, we are genuinely excited about 360pi’s opportunity to continue to build upon their leadership position in the market.”
Concurrent with the financing, 360pi is pleased to welcome Morgan Flager to the company’s Board of Directors.
See other recent 360pi news and events.
About Silverton Partners
Silverton Partners is an early stage venture capital firm based in Austin, Texas. Silverton collaborates with exceptional entrepreneurs who are committed to attacking growth markets with cutting-edge products or services. The principals of Silverton Partners have over two decades of venture experience in enterprise software, having been the start-up investors in Tivoli Systems (IPO/acquired by IBM), Motive Communications (IPO/acquired by Alcatel-Lucent), Waveset (acquired by Sun Microsystems) and BlackLocus (acquired by The Home Depot).
360pi helps top retailers compete and win in an increasingly price transparent environment/market (pick). 360pi actively monitors millions of products from hundreds of retailer websites and delivers price intelligence for exact and similar matched products with unprecedented accuracy. 360pi’s retail clients benefit from real time visibility into the market and full awareness of the competitive pricing landscape to “right price” to consumers. Ultimately, 360pi’s customers make smarter pricing decisions that drive increased conversions, revenues, margins and customer loyalty.
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