Indix, the US-based developer of a product intelligence platform for businesses, secured $15m in series C funding yesterday from investors including Nokia Growth Partners, the corporate venturing unit of communications technology company Nokia.
Venture capital firms Nexus Venture Partners and Avalon Ventures, both existing investors in Indix, also participated in the round.
Indix runs a database through which brands, retailers and commerce service providers can track more than 800 million products across more than 7,000 categories, giving them access to information that can help them analyse the market and optimise their own offerings and promotions.
Upal Basu, partner at Nokia Growth Partners, said: “We are very pleased to back the world class team at Indix and support the global expansion of their industry leading Product Intelligence platform.
“Commerce is dramatically changing and Indix has distinguished itself by having a highly scalable platform as well as a bold vision for the industry.”
Indix has now raised $30m in total equity funding, obtaining $6m in 2013 before securing an additional $9m from Avalon and Nexus in April 2014. Its backers also include Anthemis Group and Wilson Sonsini Goodrich & Rosati.
The funding will be used by Indix to boost its sales and marketing, while also expanding its data science and engineering teams.