The Montreal-headquartered software company, which has a presence in Ottawa, announced it has received $30 million in Series-A funding from Accel Partners.
Its software (which runs on several platforms) is intended to give customers detailed production information about items that they seek, and the ability to pay for the product wherever they are on the website.
Simultaneously, it allows retailers the capability to instantly access inventory counts and manage the workflow of sales.
"With our new capital resources and partners at Accel, we will further enhance our products and solutions that help virtually any store chain, anywhere in the world, to move ahead of the curve in the digital retail revolution and embrace the needs of today's shoppers," stated LightSpeed CEO Dax Dasilva.
"We're extremely proud of our terrific LightSpeed team and distributor network for growing our business to this level, and positioning us for the exciting opportunities ahead, and we are thrilled to be partnering with Accel, who have a history of working with the most innovative technology companies globally."
While not releasing revenue figures, the company notes it has grown revenue by around 1,900 per cent during the last five years. In 2011 and 2012 its growth landed it on the Profit Magazine list of 200-fastest growing companies in Canada.
LightSpeed has around 10,000 retail customers, including Adidas and Vespa, and its software is resold by 400 retail channel partners in more than 30 countries.
The company has about 50 employees in Montreal and Ottawa.