It’s been less than six months since Indix launched, but the Seattle startup is already making moves and raising more money.
Indix, an intelligence platform that helps businesses analyze and visualize a vast amount of up-to-date product information, today announced that it has raised another $8.5 million of a $9 million Series A-1 round co-led by Avalon Ventures and Nexus Venture Partners. That brings total funding up to $14.4 million.
Founded this past October by Sanjay Parthasarathy, who spent 19 years at Microsoft and hired now CEO Satya Nadella into the software giant’s product group in the early 1990s, Indix is an online inventory system — a comprehensive listing of what’s for sale online, how much items cost and how those prices are fluctuating.
The company, which employs 46 in Seattle and Chennai, India, offers a robust analytics platform that enables product managers to easily find information relating to pricing, promotions, reviews, competition and the market. To date, the business intelligence platform has been adopted by leading retailers who are using it to track pricing of goods being sold over the Internet, including those of competitors.
Parthasarathy, the 48-year-old exec who in the 1980s captained the Anna University cricket team before going on to earn a Masters at MIT, predicts that apps will become “product aware” in the future, just as apps today are cognizant of the people around you and the spot where you are standing.
“Indix connects apps with products in the same way that Facebook connects apps with people, and Google Maps connects apps with locations,” Parthasarathy said in a blog post today.
The latest round will help Indix fund its product development and marketing arms. Learn more about the company here.