Retail ecommerce management CommerceIQ has become a unicorn after raising $115 million in funding

CommerceIQ, based in Mountain View, California, uses machine learning, analytics, and automation to optimise the ecommerce channel across the supply chain, as well as marketing and sales operations functions, in order to win the consumer at the point of purchase and drive profitable market share growth.

The startup announced a new financing round of $115 million at a valuation of more than $1 billion. Softbank Vision Fund 2 led the new Series D round, which was joined by existing institutional investors Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group.

CommerceIQ, which has raised $175 million in funding in the last year, plans to use the funds to expand the company globally and accelerate the development of its unified Retail Ecommerce Management Platform.

Aside from growth, the startup will concentrate on accelerating hiring for CommerceIQ in India, including expansion in software development, data science and analytics, product operations, and customer support.

“Our mission is to enable brands to transition from analogue to algorithms.” Winners in this new era of commerce will be determined by how quickly they can transform their organisations from siloed and manual to fully connected and automated. And our customers are winning big, with an average revenue growth of 18%, thanks to real-time optimizations that increase share-of-voice (SOV), reduce out-of-stock (OOS), and prevent revenue leakage,” said Guru Hariharan, CEO of CommerceIQ.

“We are extremely grateful to our investment partners for their support, which will allow us to rapidly scale and address the urgent needs of large consumer brands in order to unlock their full potential.” CommerceIQ will become even more important for brands to grow their market share and profitability by providing intelligent automation across the entire ecommerce stack.”

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“As ecommerce penetration grows, competition and technical complexity will make it more difficult than ever for brands to stand out online,” said Priya Saiprasad, a partner at SoftBank Investment Advisers. “We believe that CommerceIQ can give businesses a significant competitive advantage by leveraging the power of algorithms and automation to supercharge their online presence.”

CommerceIQ claims to have over 2,200 clients, including Colgate, Nestle, Duracell, and Whirlpool. Ms. Saiprasad will also become a member of the CommerceIQ Board of Directors.