PredictSpring said June 28 that it raised $11.4 million in Series A finacing led by Felicis Ventures. Existing investors Beanstalk Ventures and Novel TMT Ventures participated, while new investors Benvolio Group, the investment arm of Lew Frankfort, Chairman Emeritus, Coach, and his family, also took part. Los Altos, California-based PredictSpring provides a mobile-first commerce platform for brands and retailers.
Los Altos, CA, June 28, 2016 – PredictSpring Inc., a mobile-first commerce platform for brands and retailers, today announced that it has closed an $11.4M Series A financing round, led by Felicis Ventures, with participation from existing investors Beanstalk Ventures and Novel TMT Ventures. New investors include Benvolio Group, the investment arm of Lew Frankfort, Chairman Emeritus, Coach, and his family.
Founded by the visionary behind Google Shopping and early mobile commerce pioneers from VISA and Motorola, PredictSpring has redefined the speed of mobile experiences for consumers and the store associates that service them. PredictSpring powers the omni-channel experience for the world’s leading retailers and brands, including Calvin Klein, Cole Haan, Nine West, New York & Company, Claire’s and Vineyard Vines.
“We are in the midst of a fundamental shift in consumer behavior and buying patterns. Today’s consumer expects instantaneous response times and the ability to shop anywhere, anytime with a single touch of a button,” said Nitin Mangtani, Founder & CEO of PredictSpring. “Our mobile commerce platform leapfrogs existing mobile app technology and for the first time provides a seamless omni-channel experience for consumers and store associates.”
Today, mobile experiences take 6 – 8 seconds to load, a glacial time when consumers are used to response times in hundreds of milliseconds. The innovative technology platform capitalizes on its proprietary search based architecture and leverages the native powers of the phone to serve “pages” more than 2000% faster than conventional web pages.
As part of this announcement, PredictSpring unveiled plans to open a new global office in Europe, attract engineering and sales expertise in Silicon Valley and New York City, and expand its mobile solutions for retailers and brands. Additionally the Company also announced that Aydin Senkut, Managing Director of Felicis Ventures, and Ken Seiff, Managing Partner of Beanstalk Ventures, have joined PredictSpring’s Board of Directors.
“We invested in PredictSpring because its world leading engineering team has built a state-of-the-art platform for mobile commerce,” said Aydin Senkut, Managing Director of Felicis Ventures. “What impressed us most was the speed of the experience, the retail-friendly approach to implementation and the scalability of the platform. This team is building a far superior experience for consumers and store associates on mobile phones and tablets.”
The PredictSpring mobile platform is the most advanced solution in the market, providing 35 distinct modules that power state-of-the-art features and services for consumer and associate apps and in-store digital experiences. Examples of these modules include the ability to showcase fingerprint checkout, real-time in-store inventory, clientelling, conversational commerce, mPOS, instant search, 3D touch, barcode scanning, geo-fenced notifications, and CRM integration.
“PredictSpring is leading the technology industry in solving one of the biggest problems retailers now face”, said Ken Seiff, Managing Partner, Beanstalk Ventures. “For the first time, most retailers now see the majority of their online traffic happening on mobile devices. These visits are almost always on slow sites with cumbersome checkouts and are marked by far lower conversion rates than desktop traffic. PredictSpring’s mobile platform is designed to specifically close this gap and is consistently delivering 200-300% higher conversion as a result of faster, visually attractive and content rich experiences.”
PredictSpring is revolutionizing mobile commerce with an innovative technology platform that dramatically improves and simplifies the way consumers shop on mobile phones. Founded by the visionary behind Google Shopping and other early mobile commerce pioneers, PredictSpring Mobile Platform provides a seamless omni-channel experience that brings the best of mobile technology to consumer and store associate apps. For more information, please visit www.predictspring.com.