That decline is larger than the multichannel retailer’s overall 5.8% sales decline.
The company focuses on giving mobile shoppers information about store inventories.
MOUNTAIN VIEW, CA, Nov. 12, 2010 /PRNewswire/ -- Under the Radar Conference – Retailigence™, Inc. (Palo Alto, CA) – a new startup launching at the 'Under the Radar' conference – today announced it has closed a total of $1.5M in seed financing from some of the most acclaimed Venture Capital funds as well as a number of renowned Angel investors.Founded in Palo Alto in 2009 as part of the Founder Institute incubation program, Retailigence has developed an open API (Application Programming Interface) for current and new mobile and web applications. The company's technology bridges 'brick and mortar' local stores with mobile shoppers who want to save time by finding in-stock products for immediate touch, try-on or purchase.
Created to ensure location-based purchasing for consumers is based on real available inventory, Retailigence can work with any mobile shopping application, location-based service (such as Google® Maps, Foursquare™ and Gowalla™) or GPS to drive foot traffic and additional sales opportunities for local business. Retailigence connects back-end inventory solutions (ranging from the most advanced software solutions such as those from SAP®, NetSuite and Microsoft® to the humble exported spreadsheet) and unlocks that data for use in the widest possible range of mobile and web platforms.The initial list of investors in the seed round for Retailigence includes some of the most acclaimed names in Silicon Valley and international funding, ranging from Angel investors to established funds. All of the investors claim an impressive track record for providing not just funds, but industry expertise and contacts to their portfolio companies, and have high expectations for the success and growth of Retailigence.
Fund investors include: Draper Fisher Jurvetson (which has managed more than 600 investments since 1985); Quest Venture Partners (a fund specializing in early stage technology startups, co-managed by Marcus and Andy Ogawa); 500 Startups (managed by the ever-iconoclastic "Superangel" and startup advocate Dave McClure); ZIG Capital (an early stage venture capital and investment firm based in New York City) and Global Brain Corporation (an early-stage Venture fund based in Japan).Angel investors include: Mark Schulze (an executive at Quantcast.com, responsible for Business, Partner and Network Development); Eghosa Omoigui (formerly a senior member of Intel® Capital) and Tom Chiu (an active member of the Sand Hill Angels)."The power of the Retailigence technology and the strong market need for location-based mobile and web shopping has attracted some of the biggest names in venture financing to our company," said Retailigence Founder and CEO Jeremy Geiger.
"We are very fortunate to have investors who are not just known for their capital, but for the integrity, counsel and experience of success they bring to the table. We are very excited to take Retailigence to the next level of growth and resources thanks to their investment and belief in our fundamental market vision.
Retailigence.com is a startup based in Palo Alto, CA founded in 2009 that seeks to bridge location-based shopping with real-time store inventory for the mobile and web-based customer. Funded by some of the leading venture capitalists and "Superangels", Retailigence supports any mobile or web application on any mobile OS through its open API, with the goal of providing platform-independent shopping data to consumers and brand management combined with analytics for local retailers.