Akeneo raises $45 million for its product information management service

French startup Akeneo has raised a $45 million Series C round led by Summit Partners, with current investors Alven, Partech, Salesforce Ventures and Stephan Dietrich also participating. The business develops a well known item data management (PIM) service to handle all data about solutions in your retailers, on the net and in paper catalogs.

Akeneo began as a sort of CRM for item data. As an alternative of managing your catalog utilizing Excel spreadsheets or an outdated ERP, Akeneo offers a service that performs across all your communication channels. You can also collaborate in Akeneo straight.

Akeneo began as an open supply PIM application. Nowadays, thousands providers actively use that open supply version. But Akeneo also provides an enterprise edition with a far more regular software program-as-a-service method. The startup has managed to attract 300 clientele, such as Sephora, Fossil and Auchan.

“With the open source edition, we have 60,000 companies actively using Akeneo. It means that we are the most used PIM solution in the world,” co-founder and CEO Frédéric de Gombert told me.

More than the years, Akeneo has expanded beyond item data management. The business acquired Sigmento, a startup that collects public information about millions of solutions in order to automatically produce descriptions, specifications, keyword phrases and far more.

Akeneo has integrated Sigmento into its core item and now has a database of 50 million unique solutions. Akeneo makes use of machine studying to clean up that information set. For Akeneo buyers, it lets you automate many tasks and repair errors in specifications for instance.

“Investing in this technology is one of the goals of this funding round,” Frédéric de Gombert mentioned.

With today’s funding round, the business also desires to employ far more folks and concentrate even far more on the U.S. — it at present has 180 workers and they will be 300 by the finish of 2020. 75% of its income is coming from abroad, and the business generates 20% of its income in the U.S.