Teikametrics is a startup firm that aids retailers in optimizing their online ad spending. In the additional funding, it has raised $15 million. The company started with the aim of helping Amazon sellers advertise more efficiently. Recently, it started a similar partnership with Walmart.
The CEO Alasdair McLean-Foreman on both platforms said that the Flywheel platform of the startup could enhance the ad-buying process by utilizing retailer data about things such as inventory, transactions, and pricing.
McLean-Foreman had praised Amazon for making an incredible closed loop where thousands of consumers are meeting thousands of suppliers throughout the long tail. He also said that Walmart is the one that is closest to parity.
He added that by working with the retailers of Teikametrics, they could optimize their campaigns throughout the marketplaces and eventually on the other platforms too. McLean-Foreman said that the company is going to launch the products that go beyond advertising later that year, and his vision is for Teikametrics to utilize that same data to make a retail operating system that optimizes all the aspects of the business of a retailer, including pricing and inventory. He added that all those thongs were about making a simple solution to a complicated problem that is more dynamic and more complicated than the ads.
The Boston-headquartered startup had raised a $10 million Series A during 2018. This newer round had been led by the Jump Capital with the participation from the Granite Point Capital named Ed Baker (the former head of the growth at Uber and Facebook), and Jerry Hausman (an MIT econometrics professor who serves as a scientific advisor as well).