London and New York-based Ometria, a customer data and experience platform (CDXP) that helps retailers create personalised experiences for customers, announced on Thursday that it has secured £8M (nearly €9.29M) growth capital from CIBC Innovation Banking.
CIBC offers strategic advice, cash management, and funding to innovation companies across North America, the UK, and select European countries. It operates from various offices, providing complete support from startup to IPO and beyond.
Their collaborative approach spans CIBC’s commercial banking, private banking, wealth management, and capital markets businesses.
Thomas Dods, Director at CIBC Innovation Banking’s European Office, says, “We are excited to be supporting Ometria at such an important stage of growth. The company has a tremendous opportunity ahead, thanks to the platform’s leading-edge AI capabilities.”
“The CIBC Innovation Banking team is looking forward to supporting Ometria in its continued growth journey,” adds Dods.
What does Ometria offer?
Founded in 2013 by Ivan Mazour, Ometria is a specialised Customer Data and Experience platform (CDXP) designed exclusively for the retail industry.
“Our solution combines the data unification and customer insight of a CDP with a cross-channel marketing orchestration platform, letting retail marketers easily and efficiently create experiences their customers love across email, mobile, on-site, social, direct mail and more,” says the firm.
The cross-channel marketing experiences also help retailers drive customer loyalty and revenue growth at scale.
Ometria claims its “Retail Success Model” is a groundbreaking data science approach that uses four proprietary AI algorithms to analyse a retailer’s CRM performance and create a tailored marketing plan, ultimately accelerating revenue growth in the retail sector.
Currently, Ometria serves 200 top retail brands like Steve Madden and Sephora UK, and has raised over $70M from leading VC funds, including InfraVia, Octopus Ventures and Bright Pixel.
A recent Total Economic Impact study conducted by Forrester Consulting and commissioned by Ometria revealed that the technology provides customers with a 430 per cent return on investment (ROI).
Ometria says it will use the proceeds to enhance its AI capabilities, particularly focusing on retail-specific applications.
Ivan Mazour, Founder of Ometria, says, “This is a great vote of confidence, and we are very excited to work with CIBC Innovation Banking and use this funding to further accelerate the development of our retail-specific AI Co-Marketer.”
“The capital will also fuel our ongoing North American expansion, which is a huge market that has shown a clear need for our product,” adds Mazour.