New startup wants to be ‘Google Analytics for the real world’
Euclid Elements, which has just raised $5.8m in venture capital funding, uses sensors installed in retail locations to detect smartphone wi-fi signals in order to track shoppers’ movements.
The series A financing round was led by New Enterprise Associates (NEA) with Harrison Metal and Triple Point Capital also participating.
Euclid is led by CEO Will Smith. Its chief operating officer is Scott Crosby – one of the founders of Urchin Software, whose product became Google Analytics after it was acquired by Google in 2005.
Patrick Chung of NEA said: “Online retailers have been enjoying a data advantage for years. Euclid is helping to level the playing field and retailers are already seeing results from these tools.”
Smith said: “To put it simply, we’re Google Analytics for the physical world. Online retailers have been using data to improve their customers’ shopping experience for years. With Euclid, major retailers and downtown shopfronts are now able to leverage in-store customer data to better compete with the online world.”
The company’s customers include retailers, mall owners and venue operators.
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