Askuity Closes Series A Round to Fuel Growth

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Leading retail analytics platform to expand into new retail and product verticals

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

Askuity Inc., (http://www.askuity.com), a leading provider of retail analytics software that enables product companies to grow and optimize their retail business, today announced the closing of its $2 million Series A funding round.

Askuity’s rapidly growing customer base includes many well-known brands, such as Philips®, Salvatore Ferragamo®, Bauer®, PetSafe®, Broan-NuTone®, and Ingersoll Rand®. Askuity will allocate this funding to accelerate sales and marketing efforts in both new and existing markets. Series A investors include existing investor dunnhumby Ventures (http://www.dunnhumby.com/ventures), the venture investing arm of dunnhumby, and a group of angel investors with deep retail and consumer goods experience.

“In the competitive retail market, retailers are increasingly looking to their product suppliers to help them improve customer satisfaction and loyalty,” said Raphi Savitz, Portfolio Manager at dunnhumby Ventures. “In driving lower out-of-stock rates, optimized product merchandising and improved marketing effectiveness, Askuity is empowering the sales and marketing teams of smart product companies to become even more valuable partners for their retailer customers.”

Askuity’s retail-ready analytics platform enables product companies to make better use of the rich point-of-sale data that they receive from retailers. This data stream is the pulse of a product company’s retail business as it provides a detailed view of how their products are performing, where and why. The challenge that all product companies – regardless of size, channel or market – face, however, is how to turn this ever-increasing flow of downstream point-of-sale data into actionable insights that help them improve their retail business.

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. Askuity’s easy-to-use platform is driving actionable insights and increased visibility across the organization, powering our customers’ businesses and boosting their bottom lines.”

About Askuity
Askuity is a leading retail analytics platform that enables brands and product suppliers to turn complex retail data into better sales, marketing and supply chain outcomes. By combining cloud-based big data processing with easy-to-use analytics and mobile technology, Askuity enables product companies to grow and optimize their retail business both in store and online. Askuity – See What’s in Store. For more information, please visit http://www.askuity.com.

About dunnhumby Ventures
dunnhumby Ventures is a seed-stage venture fund focusing on retail technology, investing in and accelerating startups that embrace data for innovations along the customer's path to purchase. Backed by dunnhumby, the global leader in customer science, and with a database of shopping behavior for almost a billion customers worldwide, dunnhumby Ventures is looking to break all the rules and shape the future of retail.

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Victor Coscarella
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