ALKEMICS, the smart data expert for CPGs and grocery retailers, raises €5M
This funding will be used to support the company’s continued growth and expansion, as well as keeping and reinforcing its technological leadership.
Managing digital product data is the key challenge of omni-channel marketing
Digital commerce drastically changed consumer behaviors, confronting FMCG companies with the omni-channel challenge. This change makes it more and more difficult for marketers to deliver a consistent and personal customer experience through all available channels.
To tackle this challenge Alkemics provides Product Stream, an online collaborative platform which allows brands to manage and share all product information across channels: retailers, websites, apps and promotional leaflets. Using a human-like understanding of products and a direct connection to retailers, theProduct stream engine allows brands to push the most relevant information and content according to each consumer profile.
Over 800 brands, including Procter & Gamble, Nestlé and Danone, are already using Product Stream to better market their products.
“Today’s consumers are not only looking for more information, they are demanding more relevance, accuracy and reliability. Nestlé’s product information and marketing content are key assets we want to share with our retailers to answer consumer needs. Alkemics helped us as an intermediary with our retailers. It is a first step to push forward the limits of our digital marketing strategy and to optimize e-merchandising” says Frédéric Loriaux, Data Quality Manager at Nestlé France.
To support its platform, Alkemics created a universal product language which is intelligible by the entire consumer goods industry. Using advanced machine learning algorithms, it describes products through thousands of attributes which are relevant for consumers. This universal product language breaks both internal and external silos, enabling seamless industry collaborations.
Product data is the richest source of consumer knowledge
FMCG market is undergoing substantial transformations among which Big Data has become a key element. In this context, product data appears to be the best way to understand consumer behaviors. “Our mission is to bring intelligence into the FMCG market thanks to a deeper and more accurate consumer knowledge. By unifying data models, our language and technology will let us provide more efficient marketing and analytics solutions to FMCG companies” states Antoine Durieux, CEO of Alkemics.
Dominique Vidal, partner at Index Ventures comments: “The first time we learnt about Alkemics technology, we immediately understood its potential to disrupt the FMCG market. Their vision and talents coupled with their propensity to innovate reminds us Criteo’s DNA at its beginning. Investing in Alkemics was the natural next step for us”.
Alkemics was founded by Antoine Durieux, CEO (École Polytchnique, Standford); Antoine Perrin, Co-Founder & CTO (École Polytchnique, Telecom Paris); and Benoit Portoleau-Balloy, Co-Founder & COO (Criteo, Yahoo, Kelkoo). Alkemics has 22 employees of which 80% comes from the best French universities for mathematical (ENS, École Centrale, Mines) and computer sciences (ENSIMAG, EPITECH, EPITA).
This funding will support, among other things, the hiring of new talent in computer science, machine learning and data science.