The company intends to use the funding to increase staff size by 30 people over the next 12 months and further sales and marketing plans.
Led by CEO Wes Shepherd, Channel IQ provides online retail intelligence solutions including real-time, online promotion and pricing information to manufacturers, distributors and retailers. Its dynamic data collection and applications are designed to enable manufacturers and retailers to track product prices in real-time, monitor for minimum advertised price (MAP) pricing policy compliance, and detect gray market sellers and counterfeit activity. In December 2011, the company also announced its proprietary “Dealer Verification Badge”®, a system that provides both instant product and retailer authentication online.
Channel IQ currently has more than 80 clients across every industry of online goods, including consumer electronics, housewares, high-end luxury items, auto parts, apparel, pharmaceuticals, etc.