RetailNext, Inc., a San Jose, CA-based provider of an applied Big Data platform for physical retail, completed a $30m growth financing.
The round was led by Nokia Growth Partners (NGP) with participation from new investors Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, Tyco, American Express and Activant Capital Group and existing shareholders August Capital, StarVest Partners and Commerce Ventures.
The company, which has now raised $59m, intends to use the funds for global expansion of operations in Europe, Asia/Pacific rim, Latin America and emerging markets, investment in research and development, including expanding engineering resources and broadening platform features, and continued development of new in-store location and predictive analytics technologies.
Led by Alexei Agratchev, founder and chief executive officer, RetailNext provides a technology platform that enables to brick-and-mortar stores and malls to measure the behavior of more than one billion shoppers per year to improve customer experience and increase same-store sales, by collecting data from more than 65,000 sensors in stores and analyzing trillions of data points annually.
The platform is used by more than 140 retailers and brands worldwide.