AI for Retail
Updated: April 30, 2021
2021. Retail analytics company Trax raises $640M
Retail analytics unicorn Trax expects that this openness to tech innovation will continue even after the pandemic. The Singapore-based company announced today that it has raised $640 million in Series E funding to expand its products, which combine computer vision and cloud-based software to help brick-and-mortar stores manage their inventory, merchandising and operations. Its flagship product Retail Watch uses a combination of computer vision, machine learning and hardware like cameras and autonomous robots to gather real-time data about the shelf availability of products. It sends alerts if stock is running low, corrects pricing errors and checks if planograms, or product display plans for visual merchandising, are being followed. Retail Watch currently focuses on center shelves, where packaged goods are usually stocked, but will expand into categories like fresh food and produce.
2019. AI-based e-commerce helpdesk Gorgias raises $14M
Gorgias, a startup offering artificial intelligence tools for customer service and support, is announcing that it has raised $14 million in Series A funding. Gorgias is taking advantage of a broader shift as brands are looking to sell directly to consumers, rather than going through intermediaries like Amazon. The product integrates with Shopify, using AI and customer data to automate responses to basic questions like, “What’s my tracking number?” By doing this, the business can free customer service representatives from spending most of their time responding to these routine requests, and the customers get faster answers.