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Akeneo Raises $ 45 Million for its Product Information Management Service TechCrunch



French start-up Akeneo has won a $ 45 million Series C round led by Summit Partners, with existing investors Alven, Partech, Salesforce Ventures and Stephan Dietrich participating. The company develops a popular Product Information Management (PIM) service to manage all information about products in your stores, online and in paper catalogs.

Akeneo began as a kind of CRM for product information. Instead of managing your catalog with Excel spreadsheets or an outdated ERP system, Akeneo offers a service that works across all communication channels. You can also work directly in Akeneo.

Akeneo was launched as an open-source PIM application. Today, thousands of companies are actively using this open source version. However, Akeneo also offers an enterprise edition with a more traditional software-as-a-service approach. The startup has managed to attract 300 customers including Sephora, Fossil and Auchan.

"With the Open Source Edition, 60,000 companies are actively using Akeneo. This means that we are the world's most widely used PIM solution, "said co-founder and CEO Frédéric de Gombert.

Over the years, Akeneo has grown beyond product information management. The company acquired Sigmento, a startup that collects public data on millions of products to automatically generate descriptions, specifications, keywords and more.

Akeneo has integrated Sigmento into its core product and now has a database of 50 million different products. Akeneo uses machine learning to clean up this record. For Akeneo customers, it allows you to automate multiple tasks and fix bugs in specifications.

"Investing in this technology is one of the goals of this round of financing," said Frédéric de Gombert.

With today's round of financing The company also plans to hire more and focus even more on the US ̵

1; it currently employs 180 people and will employ 300 people by the end of 2020. 75% of its sales come from abroad, and the company generates 20% of its sales revenue in the US


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