Compare Metrics, which empowers brands to harness disconnected information from across the web to power individualized discovery experiences and drive sales, today announced that it has received $4.2 million in first-round financing. The financing was lead by Austin Ventures and includes follow-on investment from the existing syndicate, including Mike Maples (Floodgate), Bob Greene (Contour Venture Partners), Julie Allegro (Allegro Venture Partners) and Ralph Mack (Mack Capital), as well as new independent investors, including Tom Meredith and Adam Ross. This brings the company’s total funds raised to $4.2 million, $3.5 million of which comes from Austin Ventures in leading the series A. The round will be used to support aggressive growth as companies, especially retailers, embrace the Compare Metrics solution as the next generation leap in product discovery and decision analytics.
“Compare Metrics is transforming the way people are making buying decisions,” said Compare Metrics’ co-founder and CEO Garrett Eastham , a thought-leader on semantic search and human-computer interaction. “We believe the future of online consumer discovery is not about creating the ultimate algorithm to tell consumers what they want but about giving consumers the best tools to articulate their personal desires and confidently follow their unique decision-making path.”
“With the ever-expanding breadth of structured and unstructured information on the web, it’s understandable that consumers feel overwhelmed and often paralyzed when trying to make a buying decision. This effect is most obvious in the average retailer’s lower online conversion rate of 3-5%,” said Eastham. “Studies point to a lack of product information or simply not being able to find ‘the right product’ as the primary reasons for such low purchasing confidence. However you look at it, consumers are looking for a better discovery experience.”
The Compare Metrics solution is evolutionary, but it is inspired by simple, fundamental cognitive principles regarding how the brain processes information using visual and informational cues to make a decision. Core to the solution is a philosophy of combining the art of human-processing with the science of algorithmic data analysis and optimization to provide an ever-improving experience for each consumer. It’s a symbiotic relationship between the strongest processor in the world – the human brain – and advanced and purposeful big data processing.
Compare Metrics was co-founded in late 2012 by Garrett Eastham , Mikael Solomon and Stephen Goodwin . The solution was inspired by cognitive science research Eastham led at Stanford University to understand the impact of different computer interfaces on the decision-making process. The team has grown the idea into an innovative technology platform built from the ground-up, grown a highly scalable content curation team and content management system, and has signed market-leading customers.
“Compare Metrics will forever change the way that brands engage with and understand their customers,” said Brett Hurt , a veteran technology entrepreneur who founded Coremetrics and Bazaarvoice, currently works with Austin Ventures as a Venture Partner, and who also serves the Austin tech community as an angel investor and entrepreneurial catalyst. “Through all of my years – since 1998 – pioneering solutions that bring retailers into the digital age, an ongoing challenge has been providing each consumer with the unique mix of information they need to make a purchase decision. By curating a totally new layer of brand and consumer-created product meta data, Compare Metrics is better positioning brands to offer each customer a discovery experience tailored to how they actually think while shopping.” Brett backed Compare Metrics as a seed investor and has joined the company as the independent Chairman of the Board of Directors.
“The entrepreneurs we seek to back are those we see taking a provocative approach to address big problems,” said Chris Pacitti , General Partner at Austin Ventures. “When Garrett, Mikael and Stephen approached us in late 2012 with a solution that married the strengths of the human decision-making engine with big data processing and optimization, we knew they were onto something unique and promising. Market excitement has validated our early assumptions, and we look forward to being an on-going part of Compare Metrics’ growth and success.”