Harmonya, a software company using AI to transform retail and consumer packaged goods (CPG) with enhanced product data, announced today a $20 million Series A funding round. The funding was led by Bright Pixel Capital and included participation from existing investors Team8, Arc Investors, J Ventures, Silicon Road Ventures, Allen & Company, LiveRamp Ventures, and Susa Ventures.
The new capital will allow Harmonya to further develop its proprietary generative AI technology, expand its suite of analytics tools, and scale its go-to-market operations. To date, the company has raised $25 million in total funding.
Harmonya aims to upgrade the outdated product data infrastructure used by major CPG brands and retailers. Currently, these companies rely on static data models that lack granular understanding of products. When new consumer trends emerge, like sustainability or wellness, companies must manually tag each product to identify ones relevant to the trend. This slow process limits the ability to quickly spot and respond to shifts in consumer demand.
Harmonya's platform applies cutting-edge natural language processing to extract meaningful product attributes from sources like titles, descriptions, ingredients, and reviews. This powers dynamic categorization and analysis of products based on characteristics like claims, benefits, target audience, use occasions, and more.
With Harmonya, customers can identify the drivers of market performance, uncover category insights, optimize product assortment and merchandising, guide innovation, and automate product coding. The company currently serves data teams at headquarters as well as customer-facing teams working directly with merchants and buyers.
"Harmonya's technology is a game-changer. It brings CPGs and retailers closer to how consumers perceive and experience products," notes Francisco Nunes of Bright Pixel Capital. "It's time the industry moved beyond legacy systems that are not keeping pace with modern commerce needs."
The company has grown its customer base significantly in 2022, now serving 4 of the top 10 CPG brands globally and some of the largest U.S. retailers. The Series A funding will accelerate the development of its proprietary AI technology and expand its go-to-market strategies.