Palo Alto, CA (PRWEB) November 03, 2011
Euclid Elements emerges from stealth with todays announcement that its data analytics platform is now publicly available to physical retailers and merchants at euclidelements.com.
The company also announced completion of its $ 5.8M Series A round of financing led by New Enterprise Associates with Harrison Metal, Triple Point Capital and other investors.
Euclids public launch signals the further migration of actionable customer analytics from the web to the physical world of retail. The company offers a customizable real world analytics platform that empowers bricks and mortar merchants to better understand their customers shopping experience in much the same way as online retailers understand their website visits.
To put it simply, were Google Analytics for the physical world, says co-founder and CEO Will Smith. Online retailers have been using data to improve their customers shopping experience for years. With Euclid, major retailers and downtown storefronts are now able to leverage in-store customer data to better compete with the online world through improved customer satisfaction and loyalty.
The backgrounds of Smith and Scott Crosby, COO, represent an interesting cross-pollination of cutting-edge analytics and traditional retail. Smith is the grandson of John Smith, an early shopping center developer and co-founder of the International Council of Shopping Centers (ICSC). Crosby is co-founder of the original Urchin team that was acquired by Google in April 2005 and became Google Analytics. Their team is rounded out by veterans from ShopperTrak, IBM, Ariba, TIBCO/Reuters, Google, Playdom, Qualcomm, 23AndMe and Mint/Intuit.
Euclid is pioneering the use of sensors to map shopper traffic patterns in retail spaces. These sensors sense Wi-Fi signals on smart phones, allowing retailers to understand how shoppers move through a physical shopping environment. No personal shopper data is collected; data shared with clients is anonymous and aggregated, providing a big picture view that enables retailers to make better decisions about store layouts, merchandising, staffing and other aspects of the in-store experience.
Euclids analytics tools are currently being used by merchants nationwide with encouraging early results. Euclid has opened my eyes to the opportunities we have as a retail operation — the power to measure is the power to intelligently improve, said Jacob Jaber, president of San Francisco-based Philz Coffee. We have been consistently voted best coffee in San Francisco, and with the unique insights into customer loyalty and frequency we get from Euclid, we’ll continue to satisfy our customers.
NEAs Patrick Chung is not surprised by Euclids early success. This team is building a very sophisticated analytics platform for physical retailers that can be used to optimize the customer experience and business outcomes, says Chung. Online retailers have been enjoying a data advantage for years. Euclid is helping to level the playing field and retailers are already seeing results from these tools.
To learn more about Euclid Elements visit http://www.euclidelements.com.
For media inquiries contact: Eric Gonzalez, VSCpr, eric(at)vscpr(dot)com, 415.272.0836.
About Euclid Elements
Euclid Elements (Euclid) is a venture-backed startup based in Palo Alto. Our product is conceptually analogous to Google Analytics for the physical world. Our customer base includes retailers, mall owners, and venue operators of many kinds.
About New Enterprise Associates
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $ 11 billion in committed capital, NEA invests in information technology, healthcare and energy technology companies at all stages in a companys lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 170 portfolio company IPOs and more than 280 acquisitions. In the U.S., NEA has offices in the Washington, D.C. metropolitan area; Menlo Park, California; and New York City. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit http://www.nea.com.
About Harrison Metal
Harrison Metal is a seed-stage venture capital partnership founded by Michael Dearing and based in Palo Alto, CA. The firm focuses on software and services for consumers, developers and businesses. Harrison Metal’s investments include AdMob, Heroku, Aardvark, PopCap, Twitter, GigWalk, Euclid Elements, ModCloth and Yardsellr. http://www.harrisonmetal.com
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