Altierre completes $22 Mn funding round
San Jose: Sunit Saxena cofounded Altierre, a provider of wireless dynamic pricing solutions for retailers, today announced the completion of a $22 million Series C round led by The Galleon Group. Previous Altierre investors ATA Ventures, the D. E. Shaw group, Dupont Capital Management and Labrador Ventures also participated in the round. The Series C funding will enable the rapid expansion of Altierre?s production and manufacturing in anticipation of multiple implementations with major retail chains. Altierre estimates that more than $40 billion is spent annually worldwide implementing price changes in the food, drug and mass retail segments, including $10 billion by the U.S. supermarket industry alone. With a fully functioning, end-to-end solution, the company is now executing its breakout strategy to directly address this vast opportunity. Altierre has been co-developing its wireless dynamic pricing solution with several of the United States? top 10 grocery chains under signed agreements. The company has attracted $39 million in funding from premier venture investors in the past 12 months, and has raised a total of $52 million to date. "We strategically decided to attract additional funding to execute our breakout strategy based on overwhelming interest from retailers globally, combined with our product development execution," said Sunit Saxena, chairman and CEO of Altierre. "Over the past several years we have been quietly working in co-development partnerships with leading grocery chains to create a turnkey system that bypasses the limitations of conventional technologies to meet their dynamic pricing requirements. These chains have validated our vision and we are now moving toward production. Based on the strength and ROI of our platform we are in the fortunate position of having a number of tremendously exciting partnerships to choose from and we look forward to bringing to retailers and consumers the power of our solutions." Incorporated in 2003, Altierre headquartered in San Jose, has developed a proprietary, turnkey hardware and software platform that features low-cost, long-range RFID technology and back-end data-management capabilities designed specifically for major retail chains.