Intelligence Node, an AI-powered retail analytics and pricing intelligence firm servicing Li & Fung, Tesco, United Colors of Benetton and others, announced the close of its Series B funding round for $5.5 million.
Cornerstone Fund and Calibre Ventures join investors, MegaDelta Capital Advisors and Orios Venture Partners in leading the company to total funding of $10.6 million to date. The funding will be used to advance Intelligence Node’s position in the product pricing and promotion space, one of which is at an “unprecedented inflection point,” according to Intelligence Node’s chief executive officer, Sanjeev Sularia.
Billions of data points are created across e-commerce, marketplace and brick-and-mortar retail touchpoints, with direct marketing and social media also analyzed in scope, so Intelligence Node is able to assess price gaps and help retailers curb counterfeits and unauthorized sellers. More than 130,000 brands and over 1 billion products are mapped in this data footprint every day.
Intelligence Node anticipates raising a Series C funding shortly, according to Sularia. “With the significant diminishing of competitors, the timing could not be better for us to bring on the right strategic partner and growth capital to set us up for our next phase of steep revenue trajectory,” Sularia reiterated.
It’s no doubt that analytics and big data have had a transformative impact for the fashion and retail industry. “Since the initial investment in 2015, we have witnessed how interest in Intelligence Node’s product and the value it brings for retailers and brands continues to explode,” said Tarun Sharma, managing partner, MegaDelta Capital. Sharma cited disciplined vision, the acquisition of category leaders and notable clients as added value that will help propel Intelligence Node into further retail market penetration.
Additionally, Intelligence Node will direct the funding toward new leadership hires, marketing and possible San Francisco home base in a leap to expand its West Coast presence.