TEL AVIV, ISRAEL, October 23, 2013 /24-7PressRelease/
, the world's first Algo-Pricing
solution for online retailers, announced today that it has raised $1.7 million in venture funding. Led by JAL Ventures, the round included participation from early stage investors Oryzn Capital and Micro Angel Fund. The new funding will be used to further develop the product and accelerate global growth.
"Over the past year, Feedvisor have emerged as the clear leader in the Dynamic Pricing space, representing a new wave of Big Data companies using machine learning to make automated, accurate and time-critical decisions," commented Joshua Levinberg, Managing Partner of JAL Ventures, who will be joining the company's board of directors. "Feedvisor have put together an amazing team of talented, dedicated individuals, and we are confident this investment will help them expand their product offering and rapidly penetrate new markets."
According to an eMarketer report in April 2013, 13% of retailers worldwide already rely on Dynamic Pricing, and an additional 54% are currently exploring the idea. The self-learning algorithm offered by Feedvisor automatically analyzes the competitive environment, product demand, and price elasticity function of every one of a retailer's products and calculates its optimum price according to the retailer's specific business objectives. It then continuously adjusts this price to improve sales, optimize profit margins and take advantage of subtle market imperfections.
Since launching its SaaS solution -- targeted to Amazon Marketplace Sellers worldwide -- Feedvisor has achieved 800% of year-over-year revenue growth. "We are incredibly excited by the continued confidence shown to us by our investors and customers, and will continue to innovate, bringing best-in-class pricing and business intelligence solutions to online retailers" said Victor Rosenman, CEO and Founder of the Tel Aviv-based company.
Feedvisor was rated among the most innovative and promising startups in Israel by Forbes in 2012. Its latest version, released in October, fully integrates Amazon's new Subscriptions API, offering faster decision making, more accurate pricings, and a larger historical dataset to learn from than ever before.About Feedvisor
Feedvisor is the world's first fully algorithmic repricing platform, offering e-commerce sellers a best in class, cloud-based solution to keep their prices competitive and maximize profitability.
Feedvisor's patent-pending technology is a self-learning, constantly improving algorithm that checks the competitive offerings of millions of products every hour, and adjusts prices in real-time based on the seller's business goals.
Founded in 2011, Feedvisor is used by hundreds of retailers all over the world, with a purely success-based, pay-as-you-go style fee, and represents the next generation of automated pricing solutions. Visit us at us www.feedvisor.com
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