TikTok E-Commerce Analytics Tool EchoTik Raises Over $3M in Angel Funding Round

May 10 00:41 2023

EchoTik, a third-party analytics tool for TikTok, has successfully raised $3 million in its angel round. The investment was led by Yang Jinhe (King), the founder of Ziniao Security Browser, and executives from well-known internet enterprises.

EchoTik claims that this round of financing will be used for technology development, big data capacity building, overseas user research, and for actively exploring the innovative opportunities of SaaS in cross-border e-commerce and AGI.

Established in August 2022, EchoTik is a company that provides data analytics and decision-making advice. Its main product — EchoTik, the third-party TikTok E-commerce analytics platform, collects, cleans, integrates, and deeply analyzes big data, providing practical data decision products and services for sellers, including but not limited to real-time e-commerce data monitoring, industry and category research, sales data analysis, trend chart drawing, etc.

TikTok E-Commerce Analytics Tool EchoTik Raises Over $3M in Angel Funding Round

There are different roles in TikTok. For sellers, the biggest challenge is to quickly select potential products to follow up on; for brands, it is to find suitable creators to promote their products; for creators, it is to discover popular content and materials. EchoTik is committed to solving these problems through its third-party data analysis platform, allowing global sellers, creators, and brands to efficiently and accurately complete product selection, find influencers, and discover materials through data.

Currently, EchoTik’s business model has been validated in China, with Alibaba’s B2B seller-side data SaaS platform “ShengYi CanMou(生意参谋)” . With the increasing competition in the e-commerce industry, data-driven and refined operations have become the main theme of store operations. ShengYi CanMou(生意参谋)helps merchants understand store data, analyze traffic and sales growth, industry status, market classification, and other data.

According to research data, TikTok’s live-stream e-commerce GMV in 2022 May exceeded $4.4 billion, twice as much as in 2021. Since April 2022, TikTok has officially launched a cross-border e-commerce business in Thailand, Vietnam, Malaysia, and the Philippines, with GMV in the first half of the year exceeding $1 billion.

Although this data still can not compare with Douyin’s sales of $208 billion in China, TikTok’s rapid growth in e-commerce business can not be underestimated, and its advertising business growth rate is also far higher than Facebook’s.

In recent years, from Copy to China to Copy from China, the efficient models and technologies invented by domestic internet corporations have become the object of imitation by their global competitors. EchoTik has recognized this trend and hopes to replicate the successful experience of Chinese e-commerce services in Europe, the United States, and Southeast Asia.

As for the team, the core members of the EchoTik team mainly come from Xiaomi Corporation, with abundant practical experience in large-scale e-commerce front-end and back-end scenarios, a deep understanding of core e-commerce data indicators and logic, and the ability to maturely handle data technology requirements, providing accurate positioning and effective advice for e-commerce sellers and influencers.

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