Singapore’s EDBI invests in US-based IoT retail analytics startup RetailNext
By Digital News Asia August 25, 2016
- RetailNext has 300+ consumer brands and mall operators on board
- Provides real-time in-store monitoring analytics to boost business
[The previous version of this story erroneously stated that EDBI had participated in a previous round. Our apologies for the error]
EDBI, the investment arm of the Singapore Economic Development Board (EDB), said it has invested in San Jose, California-based RetailNext Inc, which specialises in IoT (Internet of Things) retail analytics for brick-and-mortar stores.
The amount was not disclosed.
According to EDBI, RetailNext’s solution enables consumer business owners to gain valuable insights on their customers while giving them with a superior shopping experience through its integrated platform that provides real-time in-store monitoring analytics that will help improve the businesses’ sales performance, productivity and operational efficiency.
Positioned to be the ‘Google Analytics for brick-and-mortar stores,’ RetailNext has a growing international customer portfolio of over 300 consumer brands and mall operators in 60 countries, with major customers including Levi’s, Swarovski, Bose, Ralph Lauren, Macy’s and Westfield, EDBI said in a statement.
“As a leading player in its industry, RetailNext enables consumer business owners to gain valuable insights on their customers while providing them with superior shopping experiences,” said EDBI chief executive officer and president Chu Swee Yeok.
In addition to this latest strategic investment round, RetailNext had also closed a Series E round in 2015. Some of its other investors include August Capital, Activant Capital, Starvest Partners, Nokia Growth Partners and Qualcomm Ventures. To date, it has raised a total of over US$100 million.
The new investment comes as RetailNext moves into the next phase of its Asia Pacific expansion, EDBI said.
“RetailNext is privileged to include EDBI among its equity growth investors,” said RetailNext cofounder and chief executive officer Alexei Agratchev (pic).
“The opportunity to bring EDBI into our business allows us to leverage not only its deep understanding of the Singapore and Asia Pacific regional operating environment, but also its extensive technology expertise and industry knowledge as RetailNext aggressively captures new business opportunities in the region’s retail industry,” he added.
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