Toronto-based startup Askuity Inc. has raised a $1.8 million seed round led by dunnhumby Ventures. Askuity is the creator of an intelligent cross-retailer analytics platform that connects retailers and product vendors with insight and information for better business results.
The MaRS Investment Accelerator Fund (IAF) also took part in the round.
Askuity is a retail analytics platform that gives both retailers and vendors real-time visibility into what’s occurring at store level, in order to drive improved business results. The company is bringing cloud big data analytics and mobile technology to a realm that is “currently characterized by a lack of information, manual workarounds and missed opportunities.”
“We knew when we started Askuity that there was a big market need for what we’re doing and our early customer traction has proven this,” said CEO Eric Green. “We’re thrilled to add these great investors to our team as we pursue our mission of transforming how retailers and vendors manage their joint business.”
Instead of retailers and vendors struggling with cumbersome spreadsheets and complicated custom systems, Askuity lets users focus on driving business results, even when they’re in-store on their smartphones or tablets. The platform uses store and product level sell-through, pricing and inventory data to provide powerful sales, marketing and supply chain analytics.
“Askuity is transforming the way forward-thinking retailers collaborate with their product vendors to improve their joint business,” said dunnhumby Ventures’ Dave Balter. “dunnhumby Ventures is focused on partnering with and accelerating companies that are truly at the forefront of re-inventing retail. Askuity is enabling retailers and vendors to harness the power of big data and translate it into an improved customer shopping experience.”
