Euclid Raises $17.3 Million Series B
Euclid is an analytics company that has raised $17.3 million in Series B funding led by Benchmark Capital. Other investors that participated in this round include New Enterprise Associates, Harrison Metal, and Novel TMT Ventures. Bruce Dunlevie of Benchmark is joining the company’s board of directors. The company is like a “Google Analytics” for brick-and-mortar businesses. Euclid COO Scott Crossby is known for co-founding Urchin. Urchin is a company that Google acquired and used for creating Google Analytics. Scott’s brother Brett also co-founded Urchin and is on the board at Euclid.
Euclid works with retailers that want to upgrade or replace their systems for tracking shopper traffic and loyalty. The service will compete against the traditional “clickers” mounted to beams that are above the doors. Euclid’s original product involved pre-configured sensors that connected with a switch in the network closet. The sensors would be able to detect a customer’s phone that was WiFi enabled. The system would be able to hash the MAC addresses of the devices to learn how many people visit a store, when they enter, how long they stay, etc. This way the owner of the store could learn more about what activity is taking place in a store by tracking individual shoppers on a recurring basis. Privacy advocates can be assured that the store owners would never be able to find out the names or personal information about the people walking in and out.
Retailers would also be able to track the customer traffic across locations and outside the main entrances. This way they would also be able to tell if outlets are affecting their store sales or how well their window displays are converting customers.
Euclid is based in Palo Alto and they started working with nearby chains like Philz Coffee. They plan to expand into larger chains soon. The startup already has systems implemented at stores in San Francisco, Los Angeles, New York, Atlanta, and Charlotte. The company has around 27 employees, but they plan to increase their headcount to around 42.