Big data and SaaS product intelligence platform Indix Corporation has raised $15 million in Series B funding from Nokia Growth Partners, Nexus Venture Partners and Avalon Ventures. The company will use the funds to grow its team of data scientists and engineers as well as expand its sales and marketing efforts.
Indix is building one of the largest product database and a product intelligence platform globally that helps businesses boost productivity, drive innovation, and accelerate growth.
Last year Indix secured $8.5 million of a $9 million Series A-1 round of financing, co-led by Avalon Ventures and Nexus Venture Partners. Prior to this round, the company had amassed $15 million in funding from afore mentioned VCs including several angel investors.
The Indix Product Intelligence platform provides brands, retailers and commerce enablers access to deep insights, machine learning algorithms and comprehensive product information like price, assortment, channel and other attributes for nearly one billion products.
Businesses use the Indix App and APIs to speed decision making, improve how products are sold and develop innovative ways to create product-aware apps and websites that capitalize on the $1.5 trillion e-commerce market.
Sanjay Parthasarathy, founder and CEO of Indix, believes that product intelligence is now an essential service for commerce. He says,
Every business – from those creating products, to those selling and helping sell products – has realized that in order to compete, they need deep product information that’s constantly up to date. This new investment enables Indix to accelerate the development of our Product Intelligence platform and extend the benefits to new use cases, new customer segments, and new geographies.
Founded in 2010, Indix is based in Seattle with a product development and engineering team in Chennai.
According to Upal Basu, Partner at Nokia Growth Partners, commerce is dramatically changing and Indix has distinguished itself by having a highly scalable platform as well as a bold vision for the industry.