Label Insight, a US-based developer of a product data engine for consumer goods, closed a $10m series B round on Thursday led by KPMG Capital, global consulting firm KPMG’s strategic investment fund.
Dunnhumby Ventures, the seed-stage investment arm of global consumer science company Dunnhumby, also took part in the round, investing alongside Mercury Fund, Cultivation Capital, Serra Ventures and West Capital Advisors.
Label Insight’s software uses product information from food and beverage labels, such as nutrients and allergens, as the basis for smart attributes that can be mined for data, improving product understanding for brands, retailers and customers.
The company intends to use the funds to develop new products, expand its custom data views and strengthen its data science capabilities.
Headquartered in Chicago, Label Insight has raised a total of $14m altogether, including $2.2m in December 2014 and $600,000 in 2013 according to regulatory filings. The earlier funding was provided by Dunnhumby Ventures, Mercury Fund, Cultivation Capital and Serra Ventures.
Mark Toon, chief executive of KMPG Capital said: “Label Insight is disrupting the [consumer packaged goods] data industry, and with its help we will be uniquely positioned to help solve the long-standing issue of exchanging product data between manufacturers, retailers and government agencies.”