Eversight, a provider of cloud-based software, has received USD9.7 million in its Series A round of funding from Emergence Capital Partners, an enterprise cloud venture capital firm.
Eversight is using the funding to scale its engineering, sales and marketing, and service and support teams to drive innovation and growth, and continue to deliver value to its customers, which include multiple top consumer package goods (CPG) companies such as Unilever and BIC.
Operating in stealth mode for nearly 18 months as Promolytics, Eversight released its Software-as-a-Service solution in January 2014. Enabled by recent advances in predictive analytics, cloud, and big data, the solution empowers manufacturers to collaborate with retailers in order to optimise in-store promotions by real-world-testing many different promotional offers.
“The opportunity for CPGs and retailers to better understand what really motivates their customers to buy has never been greater,” says Jamie Rapperport, co-founder and CEO of Eversight. “Until now, consumer goods companies have had to rely on generic guidelines in designing promotions. It’s time for our industry to get more sophisticated and start offering deals that consumers really care about, particularly given the $300 billion spend promotions represent.”
"When we met Eversight, we were excited to see deep domain expertise, world-class startup experience, a strong predictive and big-data architecture, and a clear vision of how to coordinate CPGs and retailers to accomplish their critical joint objective," says Brian Jacobs, general partner, Emergence Capital Partners. "We believe this next generation of promotion optimisation solutions will take promotion effectiveness to an entirely new level, and we want to provide the funding and support for this team to build its market leadership."
