Germany-based Buynomics, a SaaS platform, announced that it has secured €13M in a Series A round of funding led by Insight Partners.
Other existing investors including LaFamiglia, Seedcamp, Dieter von Holtzbrinck Ventures (DvH Ventures), and Tomahawk, also participated.
The German company will use the capital to accelerate the growth of the product and commercial team and expand into the US market.
Founded in 2018 by Dr. Ingo Reinhardt, Dr. Sebastian Baier, and Dr. Emilio Matthaei, Buynomics is an analytics platform that aims to help enterprises to land more profitable decisions leading to revenue optimization and sustainable profit growth.
The German company does this by leveraging Machine Learning (ML) and data from behavioral economics to simulate how consumers make a purchasing decision.
Unlike the simplistic tools that use price elasticities and customer segmentations to understand how consumers react to offer changes, the SaaS company has developed Virtual Customer technology that models the preferences and buying decisions of large groups of individual customers.
This technology can integrate large amounts of data from a broad range of sources, such as transaction or survey data, to better understand customer behavior.
Many organization uses its solution to make data-driven decisions about their current and new products, overall portfolio structure, pricing, promotions, trade terms, and more, the company claims.
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