Gone are the days of tedious Excel spreadsheets or outdated enterprise resource planning (ERP). Product information management is about to get a lot easier, as Akeneo intends to improve its product experience (PXM) services with newly generated funds.
Akeneo, a French startup in product information management solutions, has generated 41.7 million EUR to broaden its influence in the PXM market. The funding process was led by global growth equity investor Summit Partners and current investors, namely Alven, Partech and Salesforce force Ventures, along with a board member, Stephan Dietrich.
Akeneo’s History: How it All Began
At first, Akeneo started as an open-source PXM software. Thousands of companies have adopted the open-source version. Its open-source version offers a simple yet effective tool to analyse product data and multiple catalogs.
Later, it developed an enterprise version that operates with SaaS approach. Akeneo now attracts 300 clients like Fossil, Auchan, Sephora and Staples CA.
The need to improve customers’ experience has opened more opportunities for PXM companies and Akeneo is not excluded. In fact, it is the most patronised PIM solution globally.
According to CEO and co-founder, Frédéric de Gombert, “With the open-source edition, we have 60,000 companies actively using Akeneo. It means that we are the most used PIM solution in the world.”
What’s Next for Users?
The acquisition of Sigmento is a big move towards establishing Akeneo’s reputation as the Amazon of product information management. Sigmento is a startup that gathers information about millions of goods and services. It creates product descriptions, keywords and specifications among other information.
With the acquisition of Sigmento, Akeneo instantly has access to the vast database of 50 million products. They use AI learning to filter the data acquired, which gives users the ability to schedule pending tasks and correct errors.
Akeneo is set to hire more employees and expand their operations in the United States. By the end of 2020, its workers should have increased from 180 to 300.