Home / Tech News / Akeneo raises $45 million to help retailers track products

Akeneo raises $45 million to help retailers track products

Akeneo, a product knowledge control (PIM) answers supplier that targets to assist manufacturers ship “enriched” retail buyer reports, as of late printed that it’s secured $46 million to strengthen its R&D because it hurries up its U.S. gross sales and advertising and marketing efforts. Expansion fairness investor Summit Companions led the spherical, which noticed participation from present buyers Alven, Partech, and Salesforce Ventures, along with Akeneo board member Stephan Dietrich.

The capital infusion brings Boston, Massachusetts-based Akeneo’s overall raised to over $60 million following a $13 million lift in March 2017, and it comes after the company’s acquisition of AI startup Sigmento and its announcement of a strategic premier generation partnership with Magento.

CEO Fred de Gombert based Akeneo in 2013, after a just about decade-long stint at Paris-based open supply integration answers corporate Smile. He and cofounders Benoit Jacquemont, Nicolas Dupont, and Yoav Kutner got down to create a software-as-a-service providing that wouldn’t simply support knowledge accuracy, however that might simplify and streamline retailer catalog control from begin to end.


Above: Akeneo’s cloud backend.

Symbol Credit score: Akeneo

To this finish, Akeneo’s carrier collates product technical knowledge (like specs, measures, and components), utilization knowledge (descriptions, how-to, where-used), emotional knowledge (product tales, wealthy descriptions), and media recordsdata (pictures, PDFs, and movies) in a unified database, after drinking and preprocessing based on admin-defined insurance policies. Then, it classifies merchandise into one or a number of catalogs and optionally interprets their related knowledge into a couple of languages. Managers can choose the precise catalog and attributes they need to distribute to each and every channel, and ship knowledge to web-to-print application with the intention to create revealed catalogs.

Akeneo’s holistic way gained over shoppers early on, propelling its PIM platform to change into probably the most most-used globally. The corporate says it’s completed compound triple-digit income enlargement for the 6th consecutive 12 months and that over 300 firms use its carrier throughout 60,000 deployments, together with most sensible manufacturers like Fossil, Sephora, Staples Canada, Boshart, Midland Clinical, Franklin Electrical, Rural King, Made.com, Lancaster, Jabra, Marketplace The united states, Aigle, Frankfurt Airpot Buying groceries, Scouse borrow Settee, Kurt Geiger, Nuxe, and Lagardère.

“PXM is changing into a vital industry utility for manufacturers and vendors to win in omnichannel retail,” mentioned de Gombert, including that the proceeds from this newest lift will permit Akeneo so as to add 100 other folks to its 180-strong team of workers in France, Germany, the U.Okay., the U.S., Spain, and Israel. “Nowadays’s shoppers moderate greater than 5 touchpoints earlier than they make a buying resolution, so it’s an increasing number of vital for manufacturers to make use of a platform that delivers an built-in and constant product revel in.”

Akeneo competes with InRiver, Productsup, eCentral, Salisfy, and numerous others in a PIM application marketplace expected to be value $15.78 billion in 2021. However that hasn’t scared away buyers like Summit Companions major Steffan Peyer, who plans to enroll in Akeneo’s board of administrators.

“In an omnichannel global, PXM represents the following evolution of product knowledge control, which is changing into the brand new CRM of product knowledge,” mentioned Peyer. “We imagine Akeneo’s extremely targeted product way, in addition to its hyper connectivity with the wider trade stack, makes it uniquely in a position to addressing advanced and particular buyer product knowledge wishes.”

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