Harmonya raises $20m Series A to transform CPG and retail with AI-powered product data

Harmonya, a software company transforming CPG and retail with AI-powered product data, announced a $20 millionSeries A, bringing the total funding to $25 million.

The round was led by Bright Pixel Capital with the participation of existing investor Team8, as well as Arc Investors, J Ventures, Silicon Road Ventures, Allen & Company, LiveRamp Ventures, and Susa Ventures. The funds will be used to further develop Harmonya's proprietary generative AI technology, enhance its suite of tools, and scale its go-to-market operations. The current product data infrastructure used by major retailers and consumer packaged goods companies relies on outdated, static data models that lack a granular understanding of individual products.

Cem Kent, CEO and Co-founder, Harmonya: "When a new consumer trend emerges, like Sustainability or Wellness, CPGs and retailers need to go over all of their existing products after the fact and manually add attributes to each. This limits their ability to quickly identify and respond to emerging consumer preferences, power accurate demand forecasting, and create tailored shopping experiences. Bright Pixel Capital's deep understanding of retail and CPG technology further validates the transformative potential of the Harmonya platform. This investment will help us further our mission to bridge the gap between legacy product data, which lacks descriptive and diagnostic power and limits what organizations can do, and the modern need for a dynamic product language to power more impactful analytics and decision-making."

Harmonya offers an AI-powered product data enrichment, categorization, and insights platform for retailers and brands. The solution harnesses the power of cutting-edge generative AI and large language models to dynamically surface product attributes from a wide range of sources. Harmonya's platform helps its users identify consumer drivers of market performance, uncover category insights, optimize assortment and merchandising, guide innovation, and automate the process of product coding.

Francisco Nunes, Principal, Bright Pixel Capital: "The CPG and retail industries are vast and ever-changing, presenting countless opportunities for innovation–especially in the area of product data, where current approaches and technology don't meet the standards of modern data-driven organizations. Harmonya's groundbreaking platform positions the company as a key player in unlocking the untapped potential within these industries, bringing them closer to how consumers perceive and experience products."

Harmonya's customers include four of the top ten global CPGs as well as some of the largest US retailers. The company has grown its customer base significantly in the first half of the year, serving data teams in HQ as well as customer teams working directly with merchants and buyers. Harmonya's proprietary technology ingests information from millions of online product listings and creates unique tags from titles, descriptions, ingredients, consumer reviews, and more, and relies on a proprietary large-language model trained on their retail-specific data repository.

Yuval Shachar, Managing Partner and Executive Chairman, Team8: "We've been looking closely at potential uses of data technologies and data infrastructure. It was clear to us that there's a market need for a company to disrupt the space in the retail industry and unlock tremendous value by adapting product data for the AI era. Harmonya is doing just that, and we are glad to partner with Harmonya's great team, as part of Team8's unique company-building model, to help retailers and CPGs gain a consumer-centric perspective in a modern, AI-powered fashion."

www.harmonya.com