OAKLAND, CA, Bedrock Analytics, an intelligent analytics and insights automation platform for the Consumer Packaged Goods (CPG) industry, has completed a $7.2 million round of financing.
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The round was led by Cervin Ventures and Illuminate Ventures, with participation from other private and institutional investors. The company also announced the launch of Bedrock Core, version 2.0, its next-generation analytics platform, enabling CPG manufacturers to extract more insights from their data in order to convince retailers to carry and keep their products on shelves.
Bedrock is the first modern analytics platform to aggregate and harmonize data from throughout the CPG ecosystem -- including retailers, syndicated data firms and point of sale systems -- and automatically surface insights about a CPG product's sales trends and market activities. The Bedrock platform uses machine learning algorithms and insights automation tools to distill complex data into what matters most to sales, marketing and analytics teams. The platform can produce convincing sales presentations in seconds, providing bandwidth to category management teams and new capabilities to sales teams.
The CPG industry has an untapped opportunity to truly leverage machine learning and augmented analytics like other industries have," said Will Salcido, CEO of Bedrock Analytics. "Our mission is to give CPG brands the insights and tools they need to nimbly understand their product and category performance data, create insights-driven sales presentations, and ultimately drive sales, distribution and growth. Our platform has experienced remarkable adoption to date, and our next wave of innovation will revolutionize the way that CPGs go to market."
Bedrock currently analyzes more than $100 billion in CPG sales every month, representing brands in over 80 product categories spanning nearly every aisle of the supermarket. Clients including Jarritos, Earth Friendly Products, Mary's Gone Crackers and Beanitos use Bedrock as an essential analytics tool. On average, Bedrock clients experience a sales increase of ten percent in their first six months using the platform and report spending at least 20 percent less time analyzing data.
Bedrock Core offers several new enhancements to let CPG companies get deeper and faster insights, including:
Product Drill Down. Bedrock's innovative approach to drilling down from the category level to the segment, manufacturer, brand and items allows customers to understand the true drivers of growth or erosion.
Data Aggregation and Harmonization. Bedrock aggregates data from throughout the CPG ecosystem and harmonizes disparate data architectures to present insights in a single, easy-to-use interface, saving companies hours of time and enabling meaningful comparison across data sources.
Machine Learning Algorithms. Bedrock's machine learning algorithms uncover hidden insights such as identifying dollar opportunity gaps, at-risk items and harmonizing disparate data sources.
Events Calendar. An innovative digital promotion calendar automatically creates and tracks promotional events for customers and their competitors.
Custom PowerPoint Export. An entire data-based category review deck can be exported on the go. With a simple click, users can consolidate multiple visualizations and analyses into a company's custom branded PowerPoint.
Personal Analyst. Using Bedrock's in-app communications platform, customers can chat with a dedicated team of CPG category managers that can drive strategic tasks for customers, giving them access to category expertise at the click of a button.
"Bedrock Analytics has empowered us to quickly identify opportunities and provide fact-based data to our valued customers and internal stakeholders," said Blair Cornish, Chief Commercial Officer at Harmless Harvest Coconut Water. "Prior to using Bedrock we spent the majority of our time working to get the data in a format that would allow us to understand what was happening. Now we are able to focus on the opportunities, risks and solutions to drive our business."
Bedrock will use the funds to accelerate product development and expand on its analytics offering for the CPG industry. The company will hire aggressively to fill positions in sales, engineering, customer success, analytics and other functions.
About Bedrock Analytics
Bedrock Analytics powers the growth of today's leading CPG manufacturers. The company's cloud-based analytics platform and insights automation tools enable sales managers and business analysts to harness the power of data in order to craft powerful sales presentations that capture market share and drive increased revenue. Tracking more than $100 billion in CPG sales across more than 80 categories every month, Bedrock's simple, powerful analytics platform and machine learning algorithms enable anyone within an organization to quickly and easily get the insights they need to close more deals. For more, visit bedrockanalytics.com.