1. Tech

Akeneo raises $45 million for its product information management service – TechCrunch

French startup Akeneo has raised a $45 million Sequence C spherical led by Summit Companions, with present buyers Alven, Partech, Salesforce Ventures and Stephan Dietrich additionally collaborating. The corporate develops a well-liked product data administration (PIM) service to handle all details about merchandise in your shops, on-line and in paper catalogs.

Akeneo began as a form of CRM for product data. As an alternative of managing your catalog utilizing Excel spreadsheets or an outdated ERP, Akeneo offers a service that works throughout all of your communication channels. It’s also possible to collaborate in Akeneo immediately.

Akeneo began as an open supply PIM utility. Right now, 1000’s firms actively use that open supply model. However Akeneo additionally affords an enterprise version with a extra conventional software-as-a-service strategy. The startup has managed to draw 300 shoppers, resembling Sephora, Fossil and Auchan.

“With the open source edition, we have 60,000 companies actively using Akeneo. It means that we are the most used PIM solution in the world,” co-founder and CEO Frédéric de Gombert informed me.

Through the years, Akeneo has expanded past product data administration. The corporate acquired Sigmento, a startup that collects public information about tens of millions of merchandise with a purpose to robotically generate descriptions, specs, key phrases and extra.

Akeneo has built-in Sigmento into its core product and now has a database of 50 million totally different merchandise. Akeneo makes use of machine studying to wash up that information set. For Akeneo prospects, it permits you to automate a number of duties and repair errors in specs for example.

“Investing in this technology is one of the goals of this funding round,” Frédéric de Gombert mentioned.

With in the present day’s funding spherical, the corporate additionally desires to rent extra individuals and focus much more on the U.S. — it presently has 180 staff and they are going to be 300 by the top of 2020. 75% of its income is coming from overseas, and the corporate generates 20% of its income within the U.S.

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