US-based personalised shopping platform Personali has raised a $12m series A round led by Norwest Venture Partners, the venture capital firm backed by financial services provider Wells Fargo, TechCrunch reported earlier today.
Remaining investors have not been disclosed.
Personali enables e-commerce companies to analyse a user’s shopping behaviour and automatically provide discounts on products if the algorithm determines a sale is more likely to close at a lower cost.
Originally known as Netotiate, the company secured $1.6m in seed funding in 2013, according to a regulatory filing.
Noam Javits, chief executive of Personali, said: “The consumer is an active participant in naming their own price, selecting incentives, personalising their budget.
“It happens on the product page. We change the pricing element on the real time, and the customer satisfaction level is skyrocketing.”