Iterate.ai Raises $6.4 Million from Auxier Asset Management and eBags Board Alumni to Accelerate AI Expansion

Iterate.ai Raises $6.4 Million from Auxier Asset Management and eBags Board Alumni to Accelerate AI Expansion

Benzinga
June 12, 2025

SAN JOSE, Calif. and DENVER, June 12, 2025 (GLOBE NEWSWIRE) -- Iterate.ai, recently named one of the 20 Hottest AI Software Companies by CRN, has announced $6.4 million in funding led by Auxier Asset Management and with participation from Peter Cobb, Mike Edwards, and Dave Zentmyer. All four are former eBags board members.

Jeff Auxier, founder of Auxier Asset Management, was a longtime board member at eBags, where he worked closely with Iterate.ai CEO Jon Nordmark. He's joined by other eBags board veterans including Cobb (co-founder of eBags and Designer Brands (DSW) board director), Edwards (a seasoned retail executive and four-time CEO, including at eBags), and Zentmyer, former SVP of Lands' End. Their collective involvement signals a powerful vote of confidence in Iterate's AI growth journey as it expands distribution channels and introduces its key productivity solution, Generate Enterprise.

The investors' decision to collaborate once again with Nordmark and his CDTO/co-founder Brian Sathianathan reflects the strong trust and mutual respect established during their successful tenure together at eBags, which sold $1.65 billion worth of travel products before it was acquired.

Before co-founding Iterate.ai with Sathianathan—who was a six-year member of Apple's 60-person Secret Products Group that developed the first iPhone and is a patent holder on that groundbreaking product—Nordmark co-founded eBags in 1998 with Cobb. Cobb brings extensive experience scaling successful digital pure-play businesses, co-founding eBags (acquired by Samsonite) and 6pm.com (acquired by Zappos). He has served on the boards of publicly traded companies such as Designer Brands (DSW), and spent a decade as board director for the National Retail Federation and its digital predecessor, Shop.org.

"Iterate.ai's approach to AI innovation is ...

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