Feedvisor, a repricing startup that lets online retailers adjust prices in real time based on the retailers’ business goals, has closed $6 million in Series A funding, according to a company press release.
The funding round, which was led by Square Peg Capital, follows a $1.7 million seed round in October 2013 by JAL Ventures, Oryzn Capital and Micro Angel Fund. Those investors also participated in this week’s round.
The new money will be used to further evolve Feedvisor’s pricing algorithms and continue developing its Business Intelligence platform to optimize every aspect of its customers’ business operations, said CEO and founder Victor Rosenman. Feedvisor, which was launched in 2011, is based in Tel Aviv.
The repricing platform, which currently manages over $1 billion worth of inventory, uses self-learning algorithms that automatically analyze the competitive environment, product demand and price elasticity function of every retailer’s products, then calculates optimum prices according to the retailer’s specific business objectives, the company said.
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