Elastic Path Secures $8 Million for Digital Commerce API

Amy Castor, June 18th, 2013

ElasticPathOne day, you might be doing your holiday shopping from your car. Elastic Path believes the future of digital commerce will follow the shopping experience, going beyond websites to a new era of smart devices, even ones inside your car. The Vancouver-based ecommerce company just received $8 million in financing, which will go toward supporting the company’s Cortex API, a hypermedia platform that extends the shopping experience to multiple devices. Toronto’s Wellington Financial provided the financing.

Elastic Path, which has served as an ecommerce company since 2000, has more recently been focused on developing and marketing its API.

Designed for the business person or front-end developer, the ecommerce API handles backend complexity, letting the user embed components such as profile, entitlements, and payment processing into websites, mobile apps, and other smart devices.

“Cortex technology is uniquely positioned to link resources from incompatible business platforms into one payload, which solves a major headache for enterprises,” said Sal Visca, Elastic Path’s chief technology officer. “With this investment, we plan to increase our lead in API-enabled ecommerce solutions.”

Elastic Path believes that fueled by the API economy, digital commerce is entering a new era, where the shopping experience will take place on a variety of smart devices, letting people buy things anywhere. Google, Pearson, Symantec, Time Inc., Virgin, and Western Union are among Elastic Path’s customers, using the company’s products to drive billions of dollars in digital commerce annually.

According to TechCrunch, Elastic Path will also use the funding to integrate with content management companies such as OpenText, with which it recently announced a partnership.

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