Index, a retail software company set up by former Google Wallet executives, has secured $7 million in a Series A round led by Innovation Endeavors, Khosla Ventures, AIMCo and 819 Capital.
Founded by former Google Wallet executives Marc Freed-Finnegan and Jonathan Wall, Index's software ties directly into a retailer's point-of-sale terminal to provide a real-time connection that updates individual consumer purchases across all sales channels including mobile and online. The idea is to give retailers a rounded view of their customers and apply sophisticated data analytics to offer a more personalised shopping experience.
According to Index CTO Wall: "By helping retailers to put customer preferences front and center with integrated loyalty and promotion programmes, Index enables retailers to deliver an outstanding, personalised experience for each customer."
Investor Vinod Khosla adds: "Index gives brick-and-mortar retailers an Amazon-like toolbox for managing customer data and relationships. It's the exact solution sophisticated retailers need to stay competitive and this is the perfect team to deliver it."
The product development team at Index brings together technical leadership from Google's big data efforts and business leadership that partnered with retailers at Apple, ran loyalty solutions for Kroger, Macy's and Tesco at dunnhumby, and developed pricing analytics at Oracle. Beyond the core team, Index's advisors have served in C-level roles at leading retailers including Whole Foods, Jamba Juice, Burger King, J.Crew and Williams-Sonoma.
Index has yet to sign any big retailers to its programme, which is currently being trialled at a number of cupcake stores in San Francisco.
The company says it will apply its Series A funding to supporting its continued rollout with retailers and the growth of its team.