Funds Raised To Be Used to Break into New Markets
San Francisco, CA -- (SBWIRE) -- 10/23/2012 -- Bloomreach, a comprehensive data-gathering tool used by houseware specialist Williams-Sonoma and luxury department-store Neiman Marcus, has drummed up $25 Million in venture funding led by New Enterprise Associates.
The Silicon Valley company, founded by ex-Google engineer Ashutosh Garg and partner Raj De Datta in 2009, competes with SEO platform BrightEdge to help clients funnel lucrative internet search results to their websites.
The pair realized that there was an open market for a tool that could target specific search result onto the best websites, something search engines, they saw, couldn’t do alone. De Datta told tech site, VentureBeat, “There wasn’t a science in packaging content to meet and attract demand.”
This led to the creation of what the team calls their “Web Relevance Engine”, a program that analyzes countless online interactions each day that can automatically adapt its customer’s online sites and stores to optimize sales and traffic.
What Bloomreach specializes in is combining this large-scale, sophisticated, and automatic, data-analysis from with in-house data from clients.
Scott Sandell, general partner at New Enterprise Associates said that, “We see this as validation as BloomReach could develop their product once and sell it to everyone else for whatever price makes sense. If you could harness that data combined with the data you have about your customers, I see that as software-as-service 2.0.”
The data analysis company says it can increase traffic over 90% for its current 80 retail customers in their physical stores and improve their paid search profits by up-to 50%. This new infusion of cash brings hopes that the company can bring its expertise to new fields, such as healthcare and finance, as well as bolstering its research budget.
The addition of $25 million from New Enterprise will bring Bloomreach’s total funding up to $41 million.
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