Channel IQ raises funds from Drive Capital
The central marketplace for retailers and manufacturers, Channel IQ announced the raising of USD12 milion from Drive Capital. This was confirmed by Channel IQ CEO Wes Shepherd, who said the new funding infusion would accelerate its development to become the world's largest retail exchange.
He added, "Big data isn't enough. We need smart data... actionable data. Data we find either represent a problem or an opportunity. We help manufacturers and retailers follow the data to its logical conclusion - a business action that produces more profitable relationships."
After its launch in 2009, Channel IQ had changed into an e-commerce big data center that helps retailers and manufacturers to connect billions of data points for the delivery of actionable insights. The platform is becoming more focused on the CRM aspect of daily channel management, brand management and data exchange management between parties..
For its part, Drive Capital Partner Chris Olsen said, "Wes and the Channe IQ team have built a truly innovative approach to online commerce, Anytime, we see products like Channel IQ's make manufacturers and retailers more successful, we got excited about the prospects for building a massive company."