Today, we are excited to announce that we have closed $8.5 million of a $9 million Series A-1 round of financing, co-led by Avalon Ventures and Nexus Venture Partners. This new round of financing will allow us to accelerate our product development and engineering efforts to build the world’s broadest and deepest product database as well as invest further in our marketing and sales operations. You can read our press release here.
At Indix, our mission is to organize, analyze, and visualize the world’s product information so everyone can act on it. In order to deliver this vision, we set out to build the world’s biggest, broadest and deepest product database at scale. Since our launch on Oct 16, our product intelligence platform is already being used by many of the world’s top brands, retailers, and developers to explore, analyze, and visualize the world’s product-related information including assortment, catalog, attributes, channels, competition, prices, promotions, news, social, and more in real-time. Our customers have reported increased productivity, higher revenue and growth of their brands since they started using our software.
On this journey, we found ourselves creating a new business category called “product intelligence”, a new tech category called “product data science”, and we are enabling a whole new set of business and consumer apps called “product-aware apps”. In the words of our founder and CEO Sanjay Parthasarathy, “As commerce becomes pervasive, every interaction in the physical world or on the web becomes an opportunity to inform, educate, and sell products. In the future, all apps will be product-aware, just as apps today are people and location aware. Indix connects apps with products in the same way that Facebook connects apps with people, and Google Maps connects apps with locations.”
Today’s announcement takes us one step closer to achieving our daring vision and ambition of enabling a product-aware world. We have many more challenges to conquer in product development, engineering, scale, marketing and sales, and we are fully committed for the long haul to deliver our vision and serve our customers in the best possible manner.
Thank you for your support.
Onward and upward.