Boomerang Commerce, a Silicon valley-based price optimization company for online retailers, on Wednesday said it had raised $8.5 million (about Rs.51 crore) in Series A funding from Trinity Ventures and Madrona Venture Group Llc.
The company plans to use the capital to expand its engineering and go-to-market teams, create more retail applications and make its technology more responsive to e-commerce enterprises.
“Price is a vital force driving online purchase decisions, and retailers need to continuously react to competitive price changes while keeping a firm eye on their profits. We are applying portfolio theory, real-time machine learning, and game theory to this complex problem which enables retailers to compete like never before,” Guru Hariharan, chief executive officer, Boomerang Commerce, said in a statement.
“To compete, companies need sophisticated technologies that enable instantaneous updates based on changing market data. The team at Boomerang has developed technology that helps level the playing field,” said Scott Jacobson, managing director, Madrona Venture Group.
Boomerang Commerce has a product development centre in Bangalore. The company was featured as one of the 6 finalists at TechCrunch Disrupt 2014.
Karan Mehandru, general partner, Trinity Ventures and Jacobson are joining Boomerang’s board in conjunction with the financing.