Askuity Inc., a Toronto-based leading provider of retail analytics software, has announced the closing of its $2 million Series A funding round.
According to the firm, Askuity’s rapidly growing customer base includes many well-known brands, such as Philips, Salvatore Ferragamo, Bauer, PetSafe, Broan-NuTone, and Ingersoll Rand. Askuity will allocate this funding to accelerate sales and marketing efforts in both new and existing markets.
Series A investors include existing investor dunnhumby Ventures, the venture investing arm of dunnhumby, and a group of angel investors with deep retail and consumer goods experience.
“In the competitive retail market, retailers are increasingly looking to their product suppliers to help them improve customer satisfaction and loyalty,” said Raphi Savitz, portfolio manager at dunnhumby Ventures. “In driving lower out-of-stock rates, optimized product merchandising and improved marketing effectiveness, Askuity is empowering the sales and marketing teams of smart product companies to become even more valuable partners for their retailer customers.”
Askuity produces a retail-ready analytics platform aimed at helping product companies make better use of the rich point-of-sale data that they receive from retailers.
“This data stream is the pulse of a product company’s retail business, as it provides a detailed view of how their products are performing, where and why,” a company spokesperson said. “The challenge that all product companies – regardless of size, channel or market – face, however, is how to turn this ever-increasing flow of downstream point-of-sale data into actionable insights that help them improve their retail business.”
Askuity automatically collects and harmonizes multiple, disparate point-of-sale and inventory data sources – whether from retailer portals, EDI or spreadsheets – into a single, comprehensive view of a product company’s retail business, the spokesperson noted.
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