Teikametrics, a Boston, MA-based SaaS provider of AI-powered optimization for brands and sellers on Amazon and Walmart, closed a $15m strategic funding.
The round was led by Jump Capital, which was joined by follow-on investments from Granite Point Capital, MIT Professor of Econometrics, Jerry Hausman, and the former Head of Growth at Facebook and Uber, Ed Baker.
The company intends to use the funds to further advance its AI technology and product development activities, extend its multichannel optimization to new marketplace channels, expand its SaaS platform functionality further beyond advertising optimization solutions, and hire across product development, sales and marketing, and expert analyst support roles.
Founded in 2013 and led by Alasdair McLean-Foreman, CEO, Teikametrics provides an AI-powered Retail Optimization Platform (ROP) for brands and agencies to grow revenue and increase profitability on the world’s most valuable marketplaces. The company uses proprietary AI technology to maximize profitability in a simple SaaS interface. It optimizes more than $6 billion in GMV across thousands of sellers around the world, with brands including Clarks, Razer, Power Practical, Zipline Ski, and Mark Cuban’s Brands using the solution to sell and advertise on Amazon, Walmart, and other marketplaces.
The funding follows Teikametrics’ selection as one of Walmart’s first exclusive advertising optimization partners, and the addition of Srinivas Guddanti, a 14-year senior Amazon veteran, as its Chief Product Officer.
The company also has newly opened offices in Seattle and Bengaluru, India.