E-Commerce Conversion Software Provider Nets $1.5 Million Investment
Nov. 14, 2013
Granify, a Canadian software provider, has secured $1.5 million in seed funding from an array of investment firms and angel investors. The company’s technology is aimed at online retailers who, it says, can predict with great accuracy what customers will and will not turn into buyers and increase conversion by targeting contextual messages to those most likely to buy. Granify said high-tech conversion strategies have been out of reach for most online retailers, but hopes its solution lets smaller businesses “achieve the same conversion performance as the Amazons of the world.”
“If you’re like most online stores, you analyze only a handful of data points about your shoppers. And you’re probably analyzing this information after they’ve already left your site,” said Jeff Lawrence, co- founder and CEO of Granify. “Don’t feel bad, it’s humanly impossible to distill much more than this, let alone do it in real time. By letting our big-brained computers do the heavy lifting, we’re able to analyze the entire fire hose of data—over 400 data points per second—to determine which shoppers won’t buy, the reason and how to change their mind.”
Participating in the financing round are Valar Ventures, iNovia Capital, Klass Capital, BDC, Extreme Startups, Social Starts and angel investors Jared Kopf, Jerry Neumann, Tom O’Connell, Giordano Bruno Contestabile, Adam Caplan, Jamie McDonald, Jonathan James, Nick Koudas and Nilesh Bansal.