Ottawa-based 360pi Corp. has received $4.25 million (US$4.1 million) in financing from a consortium led by Silverton Partners, the company announced this week.
No Published Caption
The firm, which serves as a price intelligence and competitor monitoring solution for retailers, said it plans to use the money for growing the business.
Customers of 360pi include Ace Hardware, Best Buy Canada and Overstock.com.
"With this investment, we will drive further results for retailers,” said Alexander Rink, CEO of 360pi, in a news release.
These results could include improved price recommendations or a more robust data intelligence platform, he added.
The Texas-based Silverton previously funded a competitor of 360pi, BlackLocus, which The Home Depot acquired in December 2012. Silverton partner Morgan Flager will also join 360pi’s board of directors.
In April, federal government officials announced that 360pi (formerly known as Gazaro Inc.) will receive up to $750,000 in government funds to develop more features for its platform.
The firm has also received $1.72 million from York Angel Network, the Capital Angel Network, MaRs Investment Accelerator Fund and Ontario Centres of Excellence.