New Financing to Support Rapid Growth and New Product Development
San Jose, CA, August 10, 2011 – BVI Networks, the leader in Real-Time In-Store Monitoring, announced that it has closed an $8 million round in new funding led by August Capital with participation from existing investors. This round will support BVI Networks’ explosive customer growth and further development of its groundbreaking in-store analytics technology.
BVI Networks’ RetailNEXTTM product is designed and purpose-built as a highly scalable platform that enables retailers and manufacturers to collect, analyze and visualize data about in-store customer engagement. RetailNEXT is an open system that takes advantage of rapidly improving sensor technologies (e.g. cameras and RFID) to bridge the enormous data gap between on-line retail and brick-and-mortar stores.
Traditional retailers can now apply a similar data-driven approach used on the internet to ensure they provide the best possible shopping experience and stay ahead of constantly evolving customer needs. For the first time, retailers that run stores and manufacturers that sell through those stores can get real-time visibility into how their customers shop.
BVI Networks quickly became one of the fastest growing in-store technology companies, currently adding three to five new customers and installing over 100 new stores every month. BVI Networks technology is used by leading retailers worldwide, including Brookstone and American Apparel, as well as top global brands like PepsiCo.
“While physical stores generate over 95% of all retail business in the US, the existing analytics and business intelligence tools are woefully inadequate compared to e-commerce. BVI Networks’ in-store analytics solution provides valuable insight to the store operators enabling them to reduce cost and significantly increase revenue per square foot. We were impressed with BVI Networks’ technology and customer traction and are excited to lead their round of financing,” said Vivek Mehra, Partner at August Capital.
“In a very short time, we have seen our technology completely transform the way our clients make decisions about merchandising, advertising, pricing, staffing, and designing new in-store concepts. Our partnership with August Capital will enable us to support our expanding customer base and remain the most innovative in-store analytics company. It will also give us access to August Capital’s vast knowledgebase and experience in building some of the most successful technology companies in the world,” said Alexei Agratchev, Co-Founder and CEO of BVI Networks.
About BVI Networks, Inc
Since 2007, BVI Networks has been transforming the way information inside retail stores is collected and applied. The company has amassed a team of professionals with senior management experience from the most successful technology companies, as well as senior executives from top-tier retailers and manufacturers. Together, the team blends an intimate knowledge of the latest technologies with a deep understanding of the key business drivers in retail. This unique combination of skills and experience coupled with a 100% focus on the retail market allows BVI Networks to build solutions for retailers and manufacturers that deliver real value from day one. The flagship product, RetailNEXT, is consistently recognized by customers and partners as the most advanced in-store business intelligence and decision support system in the market.
About August Capital
August Capital was founded in 1995 to invest in companies differentiated by technical innovation and entrepreneurial excellence. To date, the August Capital funds total $2.0 billion. August Capital’s partners have more than a century of combined venture experience and together have invested in more than 80 companies across the technology spectrum. These companies represent an aggregate market capitalization of well over $250 billion and generate in excess of $75 billion in annual revenue. The partners at August Capital were the earliest investors in a number of ground breaking technology companies including Microsoft, Intuit, Seagate, Silicon Image, Sun Microsystems, Skype, Compaq, Symantec, Sybase, Atheros, Postini, Cobalt, shopping.com, PayCycle, Grand Junction and many more. August Capital is located in Menlo Park, California.
For more information, please visit: www.augustcap.com. Contact Information: Joan Geoghegan for Clement Communications Joan.Geoghegan@clementcom.com 978-371-3921