Teikametrics, an AI-powered retail optimization platform, raised $15 million strategic funding from new and existing investors.
Jump Capital led the round with participation from Granite Point Capital, Jerry Hausman (MIT Professor of Econometrics), and Ed Baker (the former Head of Growth at Facebook and Uber)
Teikametrics plans to use the new funds to advance its AI technology and product development activities, extend its multi-channel optimization to new marketplace channels, and expand its SaaS platform functionality beyond advertising optimization solutions. As part of these larger initiatives, the company will hire across product development, sales and marketing, and expert analyst support roles. This employee expansion will be distributed globally across its headquarters in Boston and newly opened offices in Seattle and Bengaluru, India.
Teikametrics’ mission is to facilitate growth and profitability for retailers on the Amazon Marketplace. Specifically, the company provides software and consulting services focusing on Amazon FBA for brand expansion, item-level profitability, inventory management, pricing optimization, and merchandise productivity.
“The closed-loop marketplace model that Amazon uses to dominate the eCommerce landscape is the blueprint for other consumer demand channels and the future of retail,” said Alasdair McLean-Foreman, CEO of Teikametrics.
“The fact that Walmart and other retailers are moving towards this system provides a unique growth opportunity for emerging brands and an unprecedented opportunity to use our AI technology to optimize performance. Our goal is to take this increasingly complex multi-channel optimization problem and solve it for entrepreneurs with a beautifully simple piece of SaaS software.”