PredictSpring Inc., a Los Altos, Calif. mobile-commerce platform for brands and retailers, has raised $11.4 million Series A funding. The company has raised $13.25 million to date.
Felicis Ventures led the investment round, with participation from existing investors Beanstalk Ventures and Novel TMT Ventures. New investors Benvolio Group, the investment arm of Lew Frankfort, Chairman Emeritus, Coach and his family, also participated in the round.
Also as part of the funding, Aydin Senkut, managing director of Felicis Ventures, and Ken Seiff, managing partner of Beanstalk Ventures, have joined PredictSpring’s board of directors.
“For the first time, most retailers now see the majority of their online traffic happening on mobile devices,” Seiff said in a statement. “These visits are almost always on slow sites with cumbersome checkouts and are marked by far lower conversion rates than desktop traffic. PredictSpring’s mobile platform is designed to specifically close this gap.”
The company was founded in March 2013 by its CEO Nitin Mangtani, and acts as a mobile commerce solution for brands like Calvin Klein, Vineyard Vines and Nine West.
PredictSpring’s mobile platform gives brands a selection of 35 modules that power consumer and store associate apps and in-store digital experiences. Examples of these modules include the ability to showcase fingerprint checkout, real-time in-store inventory, clientelling, conversational commerce, mPOS, instant search, 3-D touch, barcode scanning, geo-fenced notifications and CRM integration.
“We believe commerce will happen in three places – mobile apps, in-store through the lens of the mobile device and at the point of discovery on social media and search,” Mangtani said in an email. “The PredictSpring platform provides technology to brands and retailers to power mobile commerce in all three avenues.”
Mangtani said the new investment will go towards building the company’s product offering and expanding its omnichannel capabilities and mobile solutions to consumers and store associates.
The company will also use the new investment to open a global flagship office in Europe, and add members to its engineering and sales teams in Silicon Valley and New York, he said.