Celect, a Boston-based data-driven customer choice modeling suite, launched with $5m in Series A funding.
The round was led by August Capital with participation from Activant Capital Group. In conjunction with the funding, Vivek Mehra, General Partner at August Capital, joined Celect’s Board of Directors.
The company plans to use the funding to grow its existing management and development teams and open expanded headquarters in Boston’s Innovation District.
Founded by MIT professors Vivek Farias and Devavrat Shah, Celect uses machine learning to allow retailers to understand their customers’ buying patterns.
The technology enables merchandisers, retail planners and inventory analysts to create optimized and localized product assortments, and in turn, increase inventory turnover and revenue while improving the customer experience.