Label Insight, a US-based consumer goods product data software developer backed by consulting firm KPMG, has raised $21m in a series C round led by growth and private equity firm Delta-v Capital.
Growth equity firm River Cities Capital Funds also participated in the round, which increased the company’s overall funding to approximately $34m, according to press releases and regulatory filings.
Label Insight’s platform uses machine learning and data science to capture product information on more than 80% of food, pet and personal care items sold in the US.
The data helps consumer packaged goods brands and retailers be transparent about what is in the products they are selling and enables governments and academics to study their effects on the population.
Label Insight’s customers include more than 25 consumer packaged goods companies and 12 retailers. The series C funds will be used to hire data science experts and continue product development.
KPMG’s corporate VC arm, KPMG Capital, led Label Insight’s $10m series B round in February 2016 with contributions from consumer science company Dunnhumby’s seed-stage investment arm, Dunnhumby Ventures, as well as Mercury Fund, Cultivation Capital, Serra Ventures and West Capital Advisors.
The company had previously raised $600,000 in 2013 and another $2.2m the following year, according to securities filings.
Paul Schaut, Label Insight’s CEO, said: “The breadth and versatility of our data powers many different applications across a spectrum of businesses, which sets us apart from any other player in the space.
“This infusion of capital will enable us to continue to innovate our data science capabilities and deliver new products and features to our customers, driving new avenues for growth and increased market share.”