Dive Brief:
- IntelligenceNODE, a Mumbai data-analytics startup that helps brands optimize merchandising strategies, has raised $4 million in Series A funding.
- The company plans to use the money to add the staff needed to build out platform, and may look to the United States for growth.
- With customers such as Tata and Jockey, IntelligenceNODE reports that its revenues have grown 450% since its initial funding.
Dive Insight:
With a total of $4.4 million in funding, data analytics firm IntelligenceNODE is looking to grow the customer base and revenues for its analytics platform, which promises to help apparel and other retail marketers optimize pricing, identify underperforming products, reduce merchandise life cycles and increase margins.
IntelligenceNODE helps retailers make “tough decisions” when merchandising their products, said cofounder Sanjeev Sularia. The platform crunches data from competitors’ products, trend information, consumer activity, and additional sources to suggest promotions, design physical store layouts, and improve e-commerce recommendations.
Platforms such as IntelligenceNODE and similar offerings from Indix, 360pi, Boomerang Commerce, and Upstream Commerce are in demand from retailers seeking to align their e-commerce efforts with what’s going in bricks-and-mortar stores. Offering centralized dashboards to manage merchandise, solutions like these can help streamline data-sharing between channels.