Label Insight, the market leader for product transparency, today announced it has raised $21 million in a Series C funding round led by Delta-v Capital alongside River Cities Capital Funds. These funds will support the company's mission to help consumers understand what's in the products they use and consume.
With the use of data science, Label Insight is powering transparency between CPG brands, retailers and consumers. The company's proprietary data science and machine learning capabilities capture product labeling information for over 400,000 products and create more than 22,000 unique custom attributes per product, unlocking actionable insights about how products meet the varied health, wellness, lifestyle and sustainability concerns of consumers. Label Insight customers include more than 25 top CPG companies and 12 leading retailers.
"The food industry is undergoing a revolution with consumers increasingly interested in understanding food and cosmetic ingredients and information on the sourcing of these ingredients," said Schaller. "Label Insight's unique data-as-a-service capability delivers significant value to the CPG industry by helping brands and retailers transform their businesses to be more transparent, while enabling government agencies and academic institutions to better understand and measure the impact of food products and ingredients on our population."
"Food is critically important to a healthy life and every bite has the ability to impact our biology," said Rob Heimann, Managing Director at River Cities. "Today, Label insight is uniquely delivering a comprehensive solution to many of the largest manufacturers' and retailers' need to meet consumer demand around transparency into product ingredients. As the market evolves, we think Label's solution will become an important foundation to further understanding the link between food ingredients and health."
Label Insight plans to use the funding to fuel hiring of data science professionals, continue product development and accelerate customer growth. In the past year, the company announced several new customer deals, as well as key partnerships with Nielsen, 1WorldSync and Catalina Marketing.
"The breadth and versatility of our data powers many different applications across a spectrum of businesses, which sets us apart from any other player in the space," said Paul Schaut, Chief Executive Officer for Label Insight. "This infusion of capital will enable us to continue to innovate our data science capabilities and deliver new products and features to our customers, driving new avenues for growth and increased market share."
About Label Insight
Label Insight is the market leader for transparency, providing a data-as-a-service platform for CPG product information covering more than 80 percent of top selling food, pet, and personal care items in the U.S. The company's proprietary data science and machine learning capabilities capture product labeling information and create more than 22,000 unique custom attributes per product. This cutting-edge technology delivers transparency to consumers by powering analytics, marketing, merchandising and ecommerce solutions for leading organizations across the Retail, Brand Manufacturer, Government and Technology industries. For more information, visit http://www.labelinsight.com