Invent Analytics, a Philadelphia, PA-based global retail planning solutions provider, raised $17M in funding.
The round was led by LFX Venture Partners, with participation from existing investors European Bank for Reconstruction and Development (EBRD) and Collective Spark.
The company intends to use the funds to:
- Enhance capabilities of its AI-platform
- Continue to innovate for rising expectations in omni-channel retail
- Strengthen strategic partnerships
- Broaden its team of retail experts
Led by CEO and Founder Prof. Gurhan Kok, Invent Analytics is a global retail planning solutions provider that helps retailers accelerate their omni-aware demand forecasting, inventory planning, replenishment, allocation, returns positioning, and pricing capabilities by using its AI-powered software that leverage financial profit optimization modeling.
Founded in 2013, Invent Analytics has offices in the US and globally has become a partner for over 50 leading global retail chains – including Men’s Wearhouse, Jos. A. Bank, Academy Sports + Outdoors, Five Below, and GNC.
Commenting on the news, Gurhan Kok said: “Inventory optimization is more crucial than ever, thanks to the many ways customers can browse, buy, and return goods in this omni-channel world. Many retailers still rely on historical data, assumptions, and manual processes to make inventory decisions, leading to inaccurate forecasts, out-of-stocks and unhappy customers. Our solutions leverage AI to make granular planning decisions across the supply chain, including planning, price optimization, and fulfillment. As we continue to enhance our capabilities, we remain focused on profitability, enhancing experiences, and creating loyal customers.“
FinSMEs
30/04/2024