Indix has raised another $15 million to continue developing a platform that offers its clients information about millions of online products.
The Seattle-based startup on Tuesday announced the new round, which included participation from Nokia Growth Partners, Nexus Venture Partners, and Avalon Ventures.
The company has developed an intelligence platform that helps businesses analyze and visualize a vast amount of up-to-date product information. Indix, which employs 80 in Seattle, San Francisco, 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. Indix said it recorded a record Q1 this year, with 250 percent growth in revenue.
“Product Intelligence is now an essential service for commerce,” Parthasarathy said in a statement. “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.”
The fresh funding will be used to hire data scientists, engineers, and sales and marketing employees. Indix has raised $30 million to date, most recently reeling in a $9 million round led by Avalon Ventures and Nexus Venture Partners in March 2014.