Indix Closes $8.5 Million in Series A-1 Funding to Build the World's Broadest and Deepest Product Database and Enable Product-Aware Apps
Avalon Ventures and Nexus Venture Partners Co-Lead Investment in Series A-1 Funding
SEATTLE, Wash., March 26, 2014-- Indix Corporation, a SaaS + Big Data product intelligence platform company, today announced that it has closed $8.5 million of a $9 million Series A-1 round of financing, co-led by Avalon Ventures and Nexus Venture Partners. This investment will allow Indix to scale its R&D and go-to-market activities.
Founded in 2010, Indix is based in Seattle with a product development and engineering team in Chennai, India. Since the launch of its platform in October 2013, the Seattle office has grown to nine employees and the company now employs a total of forty-six people in India and the United States. Indix's product offerings include a product intelligence application for brands and retailers, and APIs for products, prices, promotions, stores and more to power business systems and consumer applications. Indix's current customers include some of the world's top 50 Internet brands and retailers.
"Our mission at Indix is to organize, analyze, and visualize the world's product information so everyone can act on it," said Sanjay Parthasarathy, Founder and CEO of Indix. "As commerce becomes pervasive, every interaction in the physical world or on the web becomes an opportunity to inform, educate, and sell products and to do that well you need a product database with breadth, depth, and quality."
In the future, all apps will be product-aware, just as apps today are people and location aware. Indix connects apps with products in the same way that Facebook connects apps with people, and Google Maps connects apps with locations. Third-party developers are able to build product-aware apps based on Indix's database of products.
"The company's ambition to organize the world's product information makes it a valuable tool for anyone who is involved in commerce," said Rich Levandov of Avalon Ventures. "Indix's product database enables brands, retailers and developers to deliver the right product information to the right people at the right time, thereby improving revenue and margins."
"Indix's powerful analytics engine and delightful user interface puts it in a class with other modern SaaS leaders in the market," said Naren Gupta, co-founder of Nexus Ventures. "By making it easy to analyze and visualize key business insights related to products and commerce, Indix is making its deep expertise in product data science accessible to brands and retailers."
The Series A-1 round brings Indix's total funding to $14.4 million. Indix previously raised $4.5 million in a Series A round from both Nexus Venture Partners and Avalon Ventures, and received $1.4 million in financing from seed investors, including Nexus.
You can read more on the company blog here.
About Indix Corporation
Indix Corporation is building the world's broadest and deepest product database, and APIs to enable any app to become product-aware in the era of pervasive commerce. The company's SaaS + Big Data product intelligence platform enables brands, retailers, and developers to explore, analyze, and visualize the world's product-related information including assortment, catalog, attributes, channels, competition, prices, promotions, news, social, and more in real-time. Learn more at http://www.indix.com
About Avalon Ventures
Avalon Ventures is a venture capital fund comprised of former entrepreneurs driven by passionate people pursuing disruptive ideas in ever changing market environments. Avalon's long-standing and successful focus has been on seed and early stage companies, including many it formed in the life science and information technology sectors. For more information, please visit: http://www.avalon-ventures.com/
Nexus Venture Partners
Nexus Venture Partners is India's leading venture capital fund, with offices in India and Silicon Valley. Nexus' team consists of entrepreneurs who have founded and scaled large global companies. It has over $600 million under management with an active portfolio of over 45 companies across technology, Internet, media, consumer, and business services sectors. The Nexus team plays an active role in helping entrepreneurs and management teams build market-leading businesses. For more information, please visit: http://www.nexusvp.com/
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