If you read our story earlier today about the drop in VC funding, you might be a little panicked. However, all is not too depressing in the world of VC funding, as startup BlackLocus has raised a $2.5 million Series A round of venture capital financing.
The round was co-led by Texas-based DFJ Mercury and Silverton Partners, and included co-investment from Pittsburgh-based Innovation Works. The cash infusion followed BlackLocus’ winning of the DFJ Mercury Prize at the 2011 Rice University Business Plan Competition. Nice!
BlackLocus is an automated cloud-based service that provides competitive pricing intelligence to online retailers. Basically, they help you keep tabs on what your competitors are charging, and, as a result, they deliver a more than 15% increase in revenue for their customers.
The company was founded in 2010 by Rodrigo Carvalho, Lukas Bouvrie and Francisco Uribe, who, at the time, were completing business and computer science graduate degrees at Carnegie Mellon University. They are based in Austin and Pittsburgh.