Denver-based Brand Marketing startup GoSpotCheck has raised an additional $21.5 million from existing investors.
The Series B1 round was led by Insight Venture Partners and Point Nine Capital.
GoSpotCheck develops mobile and web apps that gathers real-time retail intelligence from the field such as pictures taken by in the field workers that show how their products are displayed on shelves based on pictures.
The data captured allows managers to identify issues and trends and helps them to remotely make data-based decisions on pricing, shelf position, and marketing.
With the latest funding, GoSpotCheck plans to use the funds to bolster the intelligence of its technology and expand its engineering and sales teams.
The brand marketing startup plans to invest in artificial intelligence and machine learning to help clients using their enterprise software to do things like use data to figure out how to increase efficiency among employees.
According to CEO Matt Talbot, the company has grown across all our main categories of customers. Annual revenues are up 100 percent from last year.
While revenues have doubled, the data usage has increased 200 percent because clients are using the technology more heavily.
The startup got their eureka moment at the TechStars accelerator in 2011 when founders decided it was better for them to pivot from selling maternity clothing to a secret-shopper-like service.