IBM SmartCamp Finalist Profile: Profitero — Real-Time Pricing Intelligence
UPDATE: Profitero was announced as the “IBM Global Entrepreneur of the Year” late this afternoon at the IBM SmartCamp Global Finals. Congratulations to Volodymyr and his team, and to all the fantastic nine finalists who made it to San Francisco. You’re ALL winners in our book!
Volodymyr Pigrukh is the CEO and co-founder of Profitero, a Dublin-based startup finalist in this year’s IBM SmartCamp Global Finals which provides a next-generation pricing intelligence service for retailers and manufacturers.
The company is a mere one year and three months old, and though Volodymyr is originally from Belarus, he started Profitero in Dublin.
Like many startup concepts, the idea appeared almost by accident, when his associate who managed several online stores came to realize he had no way of effectively pricing mobile accessories. So, he developed a prototype solution that would crawl his competitor’s websites and get real-time pricing information that would in turn help his accessories’ website create competitive pricing.
Profitero has already raised $1 million in venture capital, and has 13 full time employees and a few key name brands they’ve already partnered with.
So what’s the value prop? Profitero helps its clients increase sales and maximize profits by leveraging high-quality online competitive data at scale.
This, in turn, allows businesses to react quickly to changes in their competitors’ prices.
To date, retailers and manufacturers have found Profitero’s data essential for pricing strategy, forecasting, price management, merchandising planning, product promotions, and market/brand positioning.
It’s currently monitoring 27.5 million products across 2,500 European retail websites, and it plans to grow this to 100 million products in 2012.