The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
The company also completes its $10 million initial round of investment.
Permuto, which sells services that enable online retailers and marketers to learn more about consumer behavior, today changed its name to Buysight Inc. The company also announced new financing and the appointment of a new member to the board of directors.
The company’s technology aims to predict what consumers want to buy, information that helps connect buyers with sellers and which helps online marketers and advertisers.
“Buysight more accurately reflects the core benefits our products provide to our clients: insight about buyers and the ability to turn those insights into profits for marketers,” says Jeff Weitzman, Buysight’s chief marketing officer. “We are building the world’s largest index of consumer purchase intent, history and activity data to unlock significant value for buyers and sellers. Making the change to Buysight aligns with our vision and the results we’re driving for our clients.”
The company today also said it had raised $10 million in its initial round of financing. Investors include Onset Ventures, Rembrandt Venture Partners and Reid Hoffman, executive chairman and co-founder of social network LinkedIn. The funding will help Buysight roll out new services over the next few months and develop existing ones.
Buysight also said today that Ash Patel has joined the company’s board of directors. Patel is a former executive vice president and chief product officer of Yahoo Inc.