Tuesday, November 18, 2008

Connecticut Innovations helps retail analytics software firm with $400K

By Mass High Tech Staff

Connecticut Innovations (CI), the quasi-public authority responsible for technology investing in Connecticut, has announced its $400,000 follow-on investment in Retail Optimization Inc., a merchandising optimization software provider in New Haven, Conn. The financing, part of a total investment of $600,000, came from CI’s Eli Whitney Fund.

Retail Optimization develops demand analytics software that helps retailers design a store’s layout based on customer preferences and ideal product positioning.

CI made an initial investment in Retail Optimization in 2007 by assisting with the company’s relocation from Massachusetts to Connecticut. CI’s financing has enabled the software provider to expand its management team to include Wes Bray as chief operating officer, Rajiv Uppal as senior vice president of product development and Ganesh Gupta as vice president of administration. The Retail Optimization board of directors includes CI representatives Maneesh Sagar and Matt Smith, managing directors of CI investments.

In October, CI announced its ninth recruited company from outside Connecticut state lines when it invested $1 million in mobile commerce technology developer ShopText Inc., bringing the company from New York to South Norwalk, Conn.

According to a report from CI, fiscal year 2008 saw the quasi-public agency funding 19 companies, a 73 percent increase over Fiscal Year 2007. Of the 19, 10 companies were new to the portfolio, the report stated. Investments, which are intended to support growth in Connecticut’s tech economy, totaled $11.5 million.