Sanjay Singh, formerly of Abercrombie & Fitch and Procter & Gamble, will head up a new data-analysis business unit.
StorePerform says an initial round of venture capital funding will be used for product development, expanding staff and marketing. "It’s an early-stage business," says president and CEO Srikant Vasan.
StorePerform Technologies Inc., provider of web-based store management systems including planograms, has received $10 million in Series A venture capital funding. The company says the funds will be used for product development, expanding staff and marketing. The funding was led by U.S. Venture Partners, which focuses on early-stage companies in technology areas, including Internet and e-commerce infrastructure.
Denver-based StorePerform claims four of the top 20 retailers as customers. Sears Roebuck and Co. announced this week that it is expanding its use of StorePerform’s technology to all 870 stores.
StorePerform was founded in 2002 and has been marginally profitable, president and CEO Srikant Vasan tells InternetRetailer.com. "We took outside funding because we want to expand rapidly," he says. "It’s an early-stage business."
StorePerform, whose chief competitor is Reflexis Systems Inc., according to AMR Research, provides web-based systems for headquarters to communicate store plan, merchandising and marketing instructions to stores, replacing paper-based planograms that have been a staple of retail for years. The system includes a monitoring component, which allows stores to report back to headquarters when tasks have been completed.