Creators of Google Wallet secures USD7 million in Series A funding round
Index, a new company created by the original members of the team who made Google Wallet, announced that it had raised USD7 million in Series A investment. The investment round was led by Eric Schmidt's Innovation Endeavors, 819 Capital, Khosla Ventures and AIMCo. Schmidt is Google's executive chairman.
Index is a new company focused on making personalization and analytics products and has an aim to bring in-store retailers up to date in providing personalized retail experiences. Index is founded by Marc Freed-Finnegan and Jonathan Wall.
Investors who participated in the Series A round were optimistic about the financial opportunities of the startup's new technology for physical store retailers. Investor Vinod Khosla said, "Index gives brick-and-mortar retailers an Amazon-like toolbox for managing customer data and relationships. It's the exact solution sophisticated retailers need to stay competitive and this is the perfect team to deliver it."
Schmidt, who is also founding partner at Innovation Endeavors, said about his firm's investment in Index, "The Index team is uniquely positioned to help retailers measure and improve their marketing impact. Google Wallet was an early beneficiary of the founders' technical know-how and critical execution skills. Now other retailers can benefit, too.
Index's software intended to bring analytics, mobile payments and personalization in one software for in-store retailers. Wall said, "Offline needs same tools as online, and they have the same data and interactions when it comes to in-store engagement and purchases. These retailers just don't have the technology to capture this technology, and use this data to help create a better relationship with their customers."
Index's software would be downloaded on the point of sale hardware of a retailer, and the software would be able to link the online, mobile, in-store and social engagement with other retailers. The software would be able to allow retailers to provide personalized options like home delivery services to customers who opt-in to the services or coupons and discounts to be applied on customers' purchases.