NEWS21 February 2013
US — Retail analytics firm Euclid has closed a $17.3m series B financing round. It plans to use the cash to expand its engineering team and the capabilities of its analytics platform.
Euclid works with clothing stores, quick-service restaurants, shopping malls and department stores to measure shopper activity in-store, either by tracking the wi-fi signals given off by mobile phones or by using specially-fitted sensors.
As well as investing in its technology, Euclid CEO Will Smith (pictured) told Research: “We’re also growing our Insights team, which works directly with key stakeholders at the retailer to help them interpret and act on the insights provided by Euclid.”
The series B round was led by Benchmark Capital with participation from NEA, Harrison Metal, and Novel TMT Ventures. Bruce Dunlevie, general partner at Benchmark Capital, has joined the Euclid board of directors.
Euclid launched in 2011 with $5.8m in venture capital funding. Scott Crosby, one of Euclid’s founders, previously co-founded Urchin Software, whose product became Google Analytics after it was acquired by Google in 2005.