Singaporean software startup Semantics3 Friday said it has successfully closed a $1.55 million round of bridge funding, with Brussels-based seed investor E-Merge bringing $1.5 million to the table.
The company will use the latest funding, which also saw participation from early-stage investor Zillionize, to expand its business team and ramp up sales efforts. The company had raised $600,000 from the two investors in a previous financing round in March 2013.
"We are at break even, but we're not profitable yet," chief executive Varun Sivamani told CNBC.
Semantics3's proprietary software allows companies to more efficiently track their products. Conventional barcodes are unable to track products and prices in real time across the internet, which creates a conundrum for e-commerce retailers.