Edmonton, Alberta-based Granify received USD 1.5 million in its seed funding round. Venture capital firms Valar Ventures, Extreme Startups, iNovia Capital, Klass Capital, Social Starts and BDC participated in the financing. Angel investors Jerry Neumann, Adam Caplan, Jared Kopf, Giordano Bruno Contestabile, Tom O'Connell, Jamie McDonald, Nick Koudas, Jonathan James and Nilesh Bansal also joined the round.
Granify said it would use the funding to develop its products and infrastructure. It would also use the proceeds to encourage more online retailers to use the platform. Granify is a Software-as-a- Service or SaaS platform that provides real-time big data as well as machine learning to all kinds of retailers. The company's technology would be able to predict with an accuracy rate of over 95% whether a customer would purchase a particular product or not.
Valar Ventures Partner James Fitzgerald said about the investment, "Granify is solving a key problem for a trillion dollar industry. They have pent up demand for their product, are already driving a ton of value for their customers and this is just the tip of the iceberg."
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