RetailNext $30-Million Round Suggests Retailers Want More Data

July 8, 2014 Ben Myers

RetailNext, a participant in the Retail Collective at Dx3 2014, has announced the completion of $30 million in growth financing for its comprehensive in-store analytics services. Investors include Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, Tyco and American Express.

“We have carefully chosen investors who can help bring competencies to our business and are leaders within their industries”

RetailNext uses a variety of data sources like video camera feeds, point-of-sale, and wifi-enabled devices to deliver insights to retailers about their foot traffic, products and employees.

“During this rapid expansion for RetailNext, we have carefully chosen investors who can help bring competencies to our business and are leaders within their industries, including payments, loyalty, in-store location, inventory and security technologies,” Alexei Agratchev, founder and chief executive officer of RetailNext said in a release.

The financing brings the total capital raised by RetailNext to $59 million. The company is doubling its customers each year, with more than 140 global retail customers and new store deployments growing at a rate of 400 to 1,000 per month, the company says.

RetailNext measures 800 million shoppers per year, with each shopping trip generating an average of 10,000 data points.

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