Upstream Commerce Secures FundingFebruary 7, 2013
Automated retail analytics specialist Upstream Commerce has secured an additional $3 million in funding to further expand its pricing intelligence solutions.
The funding comes from YL Ventures, Bright Capital and additional private investors.
Upstream Commerce's pricing intelligence solution is a cloud-based service using advanced artificial intelligence, semantic analysis and data-mining technology that enables retailers to compete more effectively, increase sales and grow profit margins using 24/7 comprehensive competitor pricing and assortment tracking and analytics.
“We will use the funding to further develop our core technology and product as well as expand our solution to provide critical intelligence-gathering capabilities that go beyond pricing and assortment intelligence,” said Upstream Commerce CEO Amos Peleg. “We will strengthen our big data analytics, as well as recommendation and prediction capabilities of the system, to provide our customers with actionable real-time data.
“In addition, our recent launch of Customized Analytics enhances our flexible platform to offer clients a full stack of tailor-made data-processing and insight-viewing capabilities. To further solidify our position as the leader in this space, we will also continue to build strong partnerships with leading e-commerce integrators and other retail solution providers around the world."
Upstream Commerce global customer base includes retailers Toys "R" Us and Staples. The company currently tracks millions of products, and has billions of quality intelligence data points.
Historically, retailers have relied on personal experience and manual tracking to optimize their pricing and assortment relative to their competitors. However, the manual approach is no longer practical in today’s intensely competitive, constantly evolving, and real-time online retail space.
Bright Capital Investment Director Gleb Kaplun said, "Upstream Commerce has a great team, fantastic technology, and a tremendous vision that will undoubtedly shape the future of retail intelligence."