InRiver AB will use $32 million in new funding to build out its internet-hosted software that online companies use to manage the fast-growing volume of data on products and commerce to connect with customers across multiple selling channels, inRiver says.
CEO Thomas Zanzinger says the funding, announced on Monday, comes at a time when the explosion of data in B2B ecommerce is increasing demand for product information management technology.
“The growth in digital commerce, complexity of data, and the increasing importance of the technology ecosystem has been unprecedented this year,” he says. “Buyers now expect consistent and engaging customer experiences across channels; this means product information has to be exceptional to drive revenue. Global teams cannot waste time or money on manual processes, inaccurate data, or the inability to scale.”
Product information management, or PIM, technology has traditionally been designed to focus on ensuring that product data, including descriptions and specifications, was accurate and up-to-date. But as online buyers demand a better purchasing experience in an increasingly competitive ecommerce environment, it has become more critical for online sellers to also ensure they’re displaying the right mix of product information that B2B buyers need and that will result in sales, says Johan Boström, co-founder and chief product officer of inRiver.
Developing product experience management
The company will use its new funding, Boström says, to further develop such product-data-management capabilities in its PIM software, which the company also refers to as product experience management technology. In addition, inRiver will continue to develop its software’s ability to manage product data in an increasingly complex environment where data is often shared among companies who may be both suppliers and consumers of product data shared across multiple commerce channels and such complex applications as configure-price-quote tools. The result for PIM users, he adds, is the ability to present product content on web pages that include the various types of content personalized to buyers that help them decide on complete purchases.
“We want to focus on making sales and marketing more effective to help our clients gain revenue,” he says.
The new funding, which inRiver will also use to develop more alliances with other digital commerce technology firms, was led by investment firm Lugard Road Capital.
“Digital commerce is a high-growth market, and this will only strengthen inRiver’s leadership position,” says Jonathan Green, a partner with Lugard Road. Also participating in the funding round were prior investors Verdane, Industrifonden, Zobito and RoosGruppen.
InRiver’s funding to date now exceeds $60 million, the company says.
InRiver is headquartered in Sweden; it operates a U.S. office in Chicago and another European office in Netherlands. Its customers include such companies as Alfa Laval, a manufacturer of such equipment as heat transfer technology, industrial coatings and paints manufacturer Teknos, and distributor Royal Brass & Hose. InRiver makes its software available under the subscription-based software-as-a-service model.
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