Months after hiring a veteran Amazon executive, Teikametrics, a startup that helps retailers optimize their online ad spending, has raised US$15 million in additional funding.
The new round was led by Jump Capital, with participation from Granite Point Capital, Jerry Hausman (an MIT econometrics professor who also serves as a scientific advisor) and Ed Baker (former head of growth at Facebook and Uber).
Teikametrics, in November 2019, had hired Srini Guddanti, who helped grow the retail site’s digital advertising operations into a US$10+ billion business, as its new chief product officer (CPO).
The Boston-headquartered retail optimization platform helps brands and agencies grow revenue and increase profitability on Amazon. It raised a US$10-million Series A in 2018.
Founded in 2013, Teikametrics said it uses proprietary econometrics and machine-learning data models designed to maximize profitability in a simple software-as-a-service (SaaS) interface.
Teikametrics optimizes more than US$6 billion in gross merchandise volume across thousands of sellers around the world, with brands including Clarks, Razer, Power Practical, Zipline Ski, and Mark Cuban’s Brands trusting the tech firm to unlock the full potential of their selling and advertising on Amazon.
In hiring the advertising executive last year, Teikametrics CEO Alasdair McLean-Foreman said Srini played a pivotal role in turning Amazon’s Sponsored Ad business into the company’s second-fastest-growing business unit.
“With Srini’s deep, long-standing knowledge of Amazon’s ad products and retail ad marketplaces, he is the perfect person to lead Teikametrics’ product team as we expand our functionality and market reach,” McLean Foreman earlier said.
The Teikametrics CEO said that the company would be launching products that go beyond advertising later this year with a vision to use that same data to create a retail “operating system” that optimize every aspect of a retailer’s business, including inventory and pricing.
“It’s about creating simple solution to a very, very complicated problem that is much more dynamic and much more complicated than just the ads,” McLean-Foreman said.
Last month, SimpliField, a retail-performance platform provider, announced a US$11-million Series A funding, led by US-based growth equity investor Five Elms Capital.
