Indix Corporation, a SaaS and Big Data product intelligence platform company, on Wednesday 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. 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 46 people in India and the US.
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. Its current customers include some of the world's top 50 internet brands and retailers.
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.
"Our mission at Indix is to organise, analyse, and visualise 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," he added.
"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 & MD of Nexus Venture Partners, adding, "By making it easy to analyse and visualise key business insights related to products and commerce, Indix is making its deep expertise in product data science accessible to brands and retailers."
"The company's ambition to organise the world's product information makes it a valuable tool for anyone who is involved in commerce," said Rich Levandov of Avalon Ventures.
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.
(Edited by Joby Puthuparampil Johnson)