The raise was led by Cox Enterprises, and includes existing investors Benchmark Capital, NEA and Harrison Metal. In addition to Groupe Arnault, the controlling shareholder of LVMH Moët Hennessy Louis Vuitton, the round also includes as a new investor Gold Sky Capital.
Euclid said the funding will be used to help grow the company, which focuses on omnichannel solutions connected with understanding consumer behavior across online and offline channels. Since its founding in 2010, Euclid has raised an aggregate of $43.6 million.
Brent Franson, Euclid’s chief executive officer, said, “We see retail needing to evolve to exist in a world where every consumer experiences both the physical store and be influenced by the web. An important piece of that is having a single view of your shopper and know what they are purchasing when in the store and what they are purchasing online.”
Franson said the Euclid’s platform leverages the WiFi that’s already in the stores to aggregate anonymous data. In that sense, Franson believes the platform is easier for retailers to use since it doesn’t require added hardware that’s required when beacon technology is use, nor does it required users to opt-in, as when a smartphone app is used.
Bruce Dunlevie, managing partner at Benchmark, which led the Series B round, said his company has determined that Euclid is in the leadership position for its type of analytics because it has been able to create a number of WiFi access points with its partners to give it a “robust view of who is doing what to whom.”
Dunlevie compared the data that Amazon has every time a user logs in, with the amount of data that still can be compiled in a physical store using the right platform. “We’re trying to close that gap,” he said.
Dunlevie, who has been on Euclid’s board for three years, said the platform can also be used for other sectors, such as mass transit, airports, bus stations, and wherever there is a need to “create a real-time map of human movement or human locations.” In that sense, Euclid has a big growth opportunity, although the primary focus now is on better understanding customer behavior in the brick-and-mortar world, he said.
Duncan O’Brien, senior vice president and general manager of corporate strategy and investments at Cox, said, “Technology is transforming how the world buys and sells products across all industries, and as a company that provides broadband communications, Cox understands the importance of WiFi.” He added that Euclid, with its technology, WiFi and data science expertise, is “positioned to bridge the gap across the online and offline worlds in this new digitally connected era of retail.”