Retail Monitoring Co. Recordant Raises $9M Series B

By Staff Reporters - 2/6/2007

Recordant has raised a $9 million Series B financing to help market its retail recording and analysis technology.

New investor Pequot Ventures led the round. Previous investor Kodiak Venture Partners, who led the Series A funding in 2005 and newcomer Aurora Funds also participated. The company raised $3 million at this time last year.

Similar to telephone call monitoring technology, Recordant's technology records interactions between customers and sales staff and later analyzes the data against various business policies. A salesperson wears a recording device, uploading the recordings at the end of the day. Recordant processes the data and returns it to businesses via a Web browser.

Chief Executive Jeff Neppl said the product has been tested with major retailers and received positive reviews. "It's exciting to sit down with a customer and they start asking what other applications they can use this solution for," Neppl said.

Recordant is targeting customers in the automotive, retail, banking and hospitality sectors. They have also used the product in the government space to monitor best practices in recruiting interviews.

Neppl said retailers' success with up-sells is tripled when Recordant's product is used.

The Alpharetta, Ga.-based company does not plan to raise another round of funding and expects to achieve profitability by mid-2008, Neppl said.