(PRWEB) February 28, 2009
In one of the toughest funding environments ever seen Peerius announce that they have secured significant capital investment from the private investment firm Venrex LP. Mark Esiri, Chairman of Venrex will join the Peerius Board.
Since 2007, Peerius have been developing a new Recommendation and Discovery Engine to serve the online apparel market. The Recommendation Engine captures all the actions, past and present, of every visitor to a site; the products they view, the products they select, the journeys they make to completing a purchase and the ones they abandon. It analyses click stream data, the content of each shopping basket using a number of dynamic behavioural models and other factors such as buying history and demographics. This enables Peerius to serve in real time product recommendations to each visitor that they are highly likely to be interested in. Since the Recommendation and Discovery Engine learns and adapts to visitor behaviour, it constantly updates and refreshes the recommendations so that only the most effective recommendations are served. The Peerius Recommendation and Discovery Engine is building a vast store of intelligence and analysis about online apparel. This underpins the generation of the highest performing recommendations in this sector.
Mark Esiri comments "In the present economic climate every sale is important and that's just as true online as it is on the high street. The attraction to us was that the Company has proved beyond doubt that its recommendation technology generates increased sales for its clients; it now needs investment to accelerate roll-out in the online apparel market. We are delighted to have an opportunity to be part of Peerius' success. "
Roger Brown, CEO of Peerius said "We're very pleased to have Venrex on board in this investment round. We have already spent nearly 18 months developing the technology to the point where we can prove conclusively that it is highly effective in increasing sales through higher conversion and greater average order value. The apparel sector focus also means we can generate the best performing recommendations in that sector. It's a great vote of confidence to have Venrex as a partner. They bring a wealth of excellent contacts and expertise in building fast growth businesses. And their experience of ecommerce, with companies such as Astley Clarke, Smythson and notonthehighstreet is invaluable. It will also enable us to invest in the infrastructure to develop the business further for the online apparel market."
Venrex is a private investment firm which backs potentially high growth businesses including start ups and growing companies with up to 200 employees. Businesses backed by Venrex include Astley Clarke, Notonthehighstreet.com, ilovegorgeous, Noble Macmillan, Smythson and Chilango.
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