Boomerang Commerce, a dynamic price optimization company raises $8.5 million
Boomerang Commerce is a Silicon Valley based company with a development center in Bangalore that provides dynamic price optimization for online retailers. The company has announced that it has closed $8.5M (approx. Rs. 51 Crores) in Series A financing from Trinity Ventures and Madrona Venture Group. The Boomerang Commerce Dynamic Price Optimizer already prices millions of products for Staples, RadioShack, and other major online retailers of the world.
Boomerang Commerce began its journey with the mission of democratizing retail analytics through complex optimization methods, machine learning, and real-time data analytics. the aim is to create a level playing field by bringing price optimization to mainstream e-commerce. Their platform analyzes over 100 discrete data points per SKU, including competitors’ prices helping retailers re-price millions of products in real-time. Price Optimizer helps Category Managers at e-commerce companies create A/B test, implement, and monitor pricing strategies. Early customers include Staples, Sears, DHGate, Groupon Goods and RadioShack.
Boomerang Commerce plans to use the financing to expand its engineering and go-to-market teams, in order to create more retail applications and make this pricing optimization technology more responsive to the exploding world of enterprise e-commerce. Karan Mehandru, General Partner, Trinity Ventures and Scott Jacobson, Managing Director, Madrona Venture Group are joining Boomerang’s board in conjunction with the financing.
“Price is a vital force driving online purchase decisions, and retailers need to continuously react to competitive price changes while keeping a firm eye on their profits,“ said Guru Hariharan, the founder and CEO of Boomerang Commerce. Guru is an Amazon and ebay veteran. He says, ‘We are applying portfolio theory, real-time machine learning, and game theory to this complex problem with enables retailers to compete like never before. The proof is in the numbers; our customers have seen significant and immediate revenue and profit growth based solely on price optimization.”
“In a world where companies like Amazon are changing price and customer experience in real-time to optimize sales, retailers cannot afford to revisiting pricing decisions on a weekly or monthly basis, and hope to survive,” said Scott Jacobson, managing director, Madrona Venture Group. “To compete, they need sophisticated technologies like Boomerang’s that enable instantaneous updates based on changing market data. Guru and his team have developed technology that helps level the playing field, leveraging hundreds of millions of data points to help retailers automate and accelerate their decision-making to drive profitable growth.”
Website: Boomerang Commerce