Toronto’s Askuity has raised a $2 million Series A funding round.
Askuity is a provider of retail analytics software that enables product companies to grow and optimize their retail business.
Askuity says it will use the round to accelerate sales and marketing efforts in both new and existing markets. Series A investors include existing investor dunnhumby Ventures, the venture investing arm of dunnhumby, and a group of angel investors.
Askuity’s analytics platform enables product companies to make better use of the point-of-sale data that they receive from retailers. This data stream can be the pulse of a product company’s retail business as it provides a detailed view of how their products are performing, where and why.
Askuity automatically collects and harmonizes multiple, disparate point-of-sale and inventory data sources – whether from retailer portals, EDI or spreadsheets – into a single, comprehensive view of a product company’s retail business. Combining the power of cloud computing with advanced data visualizations, intelligent alerting, flexible reporting and mobile access in store, Askuity turns this common pain point and source of untapped opportunity into tangible business improvements.
“Askuity is the right solution for the growing number of forward-thinking product companies who want to make data-driven decisions when it comes to merchandising, planning and retail execution at store-level,” remarked Eric Green, CEO and co-founder of Askuity. “Some of our customers are new to retail analytics and have recognized the need to do more with their data, while others have adopted the Askuity platform as a step-change improvement in their existing analytics capabilities.”