CommerceIQ

Retail e-commerce management platform, Based in California, USA, CommerceIQ raised $115 million in Series D funding, at a valuation of $1 billion.

The fresh funding was led by Softbank Vision Fund 2. The round also saw participation from existing investors - Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group.

  • The fresh funding is planned to be used in the following ways:
  • to expand CommerceIQ’s business globally, and
  • To boost the development of its unified Retail Ecommerce Management Platform, which connects and automates data and decisions across the e-commerce platform to empower profitable growth for leading global brands.
  • To accelerate hiring for CommerceIQ in India, including expansion of software development, data science and analytics, product operations, and customer support.

CommerceIQ was founded in 2012 by Guru Hariharan. CommerceIQ leverages machine learning, analytics, and automation to optimize the ecommerce channel in the supply chain and marketing and sales operations functions.

EXECUTIVE OPINION:

Prasun Kumar, VP Engineering and Head of India Operations, CommerceIQ, said, “The Series D funding will help accelerate product investments that empower brands to transform online retail from analog to algorithms. We intend to scale our operations with key hires in engineering for leading-edge skills in data science, artificial intelligence (AI), machine learning (ML), and natural language processing (NLP).”

Priya Saiprasad, Partner at Softbank Investment Advisors, said, “As ecommerce penetration continues to surge, competition and technical complexity will make it harder than ever for brands to stand out online. We believe that CommerceIQ can provide companies with a substantial edge by harnessing the power of algorithms and automation to supercharge their online presence. We are delighted to partner with Guru and the team on their mission to help brands win in ecommerce.”

Guru Hariharan, CEO of CommerceIQ, said, “Our mission is to empower brands to move from analog to algorithms. Winners in this new era of commerce will be determined by how fast they can reinvent their business from siloed and manual to fully connected and automated. And our customers are winning big, with an average revenue growth of 18 percent, driven by real-time optimisations that boost share-of-voice (SOV), minimize out-of-stock (OOS), and prevent revenue leakage.”