Real-world shopping analytics firm, Euclid, has secured $17.3 million Series B funding to serve its growing customer base.
The round was led by Benchmark Capital with participation from NEA, Harrison Metal and Novel TMT Ventures.
Along with the cash injection, Bruce Dunlevie, general partner at Benchmark Capital is joining Euclid’s board of directors.
Euclid works as a kind of Google Analytics for the real world. It works by tracking shopper’s mobile devices and working out how long people stay in a shop, or even if they just walk away. Shopper traffic, engagement and loyalty can be measured in brick-and-mortar stores and that data can then be used to improve services.
Earlier this year we reported that the company can now use in-store Wi-Fi to collect anonymised data which means that there is no need to install specific hardware as it runs over existing systems.
“Great retail experiences don’t happen by accident,” said Euclid co-founder and CEO Will Smith. “It requires a deep understanding of what’s happening inside your stores. Euclid’s real-world insights reveal the most effective ways to attract and engage your shoppers.”
“Euclid is the new standard for measuring retail performance,” said Bruce Dunlevie, Benchmark general partner and new Euclid board member. “Physical retailers finally have an easy-to-implement, scalable solution for determining the effectiveness of their marketing and operations.”
Euclid now claims to measure more than 50 million mobile devices. With the fresh money available for expansion, it looks as though real-world tracking is about to become far more useful to businesses.
Image Credit: KJGarbutt / Flickr