Reflektion Closes $18 Million In Series B Funding Led By Battery Ventures
Hasso Plattner Ventures and previous investor Intel Capital also fund fast-growing company and recent winner of Shop.org’s Digital Commerce Startup of the Year award.
Reflektion, the leader in real-time, Individualized Commerce, today announced the company has raised $18 million in Series B financing, putting its total amount of funding at $29.3 million. Led by Battery Ventures, the round also includes investments from Hasso Plattner Ventures and Intel Capital.
Reflektion has pioneered Individualized Commerce, a predictive analytics platform built around capturing, analyzing and responding to each individual shopper’s preferences and intent in real time. Reflektion’s solutions create highly relevant and intuitive experiences for shoppers and dramatic conversion lifts of more than 20 percent (on average) for clients including The Walt Disney Company, Converse, Uniqlo, Godiva and many other leading brands. Since early 2015, Reflektion has more than tripled its client roster and realized 400 percent year-over-year revenue growth.
“We have been impressed with Reflektion’s practical application of deep learning and artificial-intelligence techniques to assess customers’ intent and enhance their online experience in real time. By leveraging cutting-edge, open-source platforms in the big-data arena, Reflektion is fundamentally driving Individualized Commerce and delivering stunning ROI for retailers,” said Dharmesh Thakker, a Battery general partner.
Thakker joins the board of directors, which includes Steve Papa and Eduardo Castro-Wright. Notable prior private investors, including Marc Benioff and Ray Lane, also participated in the round.
“Having been in this industry for two decades and worked with a number of successful eCommerce companies, Reflektion stands out from the crowd with their dramatic business results and unique focus on Individualized Commerce. They are ushering in the next generation of retail and it’s exciting to be part of their development,” states Steve Papa. Papa is the founder and former CEO of Endeca, a first-generation personalization suite that was sold to Oracle in 2011.
Reflektion will use the funds to further grow its client base, develop new products and expand into international markets. The company will continue to help retailers better monetize webstore traffic using artificial intelligence, data science and easily deployable applications. Based on this innovative approach, Shop.org singled out Reflektion as The 2015 Digital Commerce Startup of the Year.
“Reflektion has already demonstrated a dramatic impact on eCommerce through more than two billion personalized shopping experiences in 2015. Today we are converting more traffic on our clients’ websites to customers. The next step is to improve the quality of that traffic and deliver each consumer a seamless off-site to on-site to in-store experience,” states Reflektion CEO Sean Moran.
Reflektion drives millions of incremental conversion events for leading retailers of all sizes, including Disney, Converse, Uniqlo, Godiva, O’Neill Clothing and Oriental Trading. Reflektion’s Individualized Commerce Solutions enable retailers to capture and respond to each individual shopper’s intent in real time, which increases customer conversions and retailer revenue by over 20%. The company is backed by leading investors including Battery Ventures, Hasso Plattner Ventures, and Intel Capital. Reflektion is the 2015 winner of Shop.org’s Digital Commerce Startup of the Year award.
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area and Israel. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.