Granify, an eCommerce company based in Edmonton, Alberta, announced Tuesday (May 26) that it has received a $7 million Series A investment from several investors, including Valar Ventures, which is in turn backed by PayPal co-founder Peter Thiel.
Additional financing participants included existing Granify investors, among them iNovia Capital and Social Starts.
The company — which markets a revenue optimization platform that uses analytics to “convert” online shoppers in real time, predicting who’s likely not to buy and changing the context of a site to challenge shoppers’ decisions – has already been profitable, according to Tuesday’s release.
According to Granify, it analyzes more than 2 trillion behavioral data points on a monthly basis.
Granify says it typically has been able to raise the sales of its clients, a roster that extends across 19 countries, by double digit percentage points. The company’s revenue model is tied to analytical success, as Granify gets paid only when its platform is directly tied to boosting a client’s sales.
Jeff Lawrence, Granify’s CEO, stated that high level data, such as Google Analytics, may not be useful to companies as much of the data is presented to retailers after a customer has already decided not to buy. “The reality is that it’s extremely time consuming and difficult for humans to distill much more than this, let alone do it in real time,” the executive noted, “but by limiting yourself to what’s humanly possible, you’re leaving an incredible amount of revenue on the table.”
James Fitzgerald, a Valar Ventures partner, stated that “we’ve been tracking Granify for the past couple of years and have been impressed with the way they’ve nailed product-market fit. With this current round of funding, the company is positioned to bring its proven conversion tools to the world’s largest eCommerce businesses.”
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