NEA and Orios fund IntelligenceNode for $4 Mn, a Big Data analytics startup for retailers. Mumbai based IntelligenceNode has developed a platform where it has simplified the entire retail lifecycle by providing retailers with tools to analyze data and make more informed decisions, they also provide customized solutions for competitive benchmarking, price and merchandising optimization to brands and retailers.
IntelligenceNode offer services like competitive intelligence, pricing intelligence, operations intelligence and marketing intelligence. The company has developed products called iNCompetitor – is a pricing and assortment data platform designed for online and offline retailers and iNOptimizer –uses price and merchandising algorithms assist a retailers in pricing and assortment in order to have more gains and maximizing the profits.
IntelligenceNode was founded in 2012 by Sanjeev Sularia and Yasen Dimitrov. Sanjeev Sularia is the co-founder and Chief Executive Officer of the company. He is an engineering graduated from Punjab Engineering College and went for further studies in London Business School. Sanjeev is a well-known entrepreneur and has established several companies. He was head of research and analysis in ClientKnowledge for 2 years from 2008 to 2010.
In 2011, he became Chief Financial Officer of two companies, SherSingh.com, and Exclusively. in. He worked in the companies for 17 months and became Chief Executive Officer of CorporateIBnode and IntelligenceNode.
Yasen Dimitrov is Chief Operations Officer of IntelligenceNode. He was head of research in ClientKnowledge from 2006 to 2010. ClientKnowledge was acquired by ICAP group in London, United Kingdom. In 2010, he joined as Practice Leader in Expand Research. The company was acquired by the Boston Consulting Group. Yasen worked with the company for 3 years and joined IntelligenceNode. Yasen is a winner of SiliconIndia 2013, one of Asia’s largest events for startups. IntelligenceNode has been selected as TechCrunch50 company – selected among more than 1,000 startups.
The company has raised their seed funding of $350K during 2014. IntelligenceNode raised their Series ‘A’ Funding of $4 Million from New Enterprise Associates and Orios Venture Partners in 2015. The funding will be utilized for expansion of client base and to build their technology team.
IntelligenceNode has clients from India, North America, Europe and South East Asia and has 60+ clients on its rolls which include well established online companies and brands who are planning to start their online operations. The company is a member of IBM Global Entrepreneurship Program and SAP Start-Up Focus.
IntelligenceNode face tough competition from Indix and Boomerang Commerce. Indix has secured their Series ‘B’ funding of $15 million from Nokia Growth Partners, Nexus Venture Partners, and Avalon Ventures in June 2015.
Sanjeev Sularia, Chief Executive Officer of IntelligenceNode said, “We used the previous round of investment to bring our client onboarding timelines from 2 weeks to 30 minutes. Further, we have been able to curate a unique blend of open-source and proprietarily developed tech architecture that has helped us achieve best in class single license margin economics in this space. To put it in context: for identical sales aspirations, any competitor would need to raise at least 3x of our current round, to remain competitive.”
New Enterprise Associates’s Tarun Sharma said, “What appealed to us was that IntelligenceNODE has been able to address the most difficult problems in retail analytics through a productized approach. Their technology enables brands and retailers, especially in the fashion and accessories categories to harness the full power of analytics which was a pain point earlier given the non-standardized nature of products in these categories, unlike electronics or FMCG products.”
NEA has invests in a wide spectrum of companies which are in different stages of funding from seed to growth, equity stage. However, the venture fund has invested in a mid stage in most of the companies it has invested in India. To invest in the startup companies, the venture fund has raised funds and associated funds called Opportunity Fund. ’ They have invested in several ventures from the start of the year 2015 and few more will be added to the list in the year. Recently NEA invested in Baldor Technologies P Ltd which owns and operates IDfy.com – an online platform verification services to assist users manage their profiles.
Bengaluru-based Orion Venture Partners has invested in 35+ seed funding and Series ‘A’ funding in the startups. They have set up a fund of $150 million to address the funding needs and another fund of $50 million has been initialized. Recently they invested in Toppr.com and hyperlocal delivery startup Pickingo.