AI startup, Nextail, has closed a $10 million Series A funding round led by venture capital firm KEEN Venture Partners, and also including Sonae Investment Management and existing investor Nauta Capital. The cash is being used to accelerate product development and double the size of the team as it grows internationally.
Nextail has developed a cloud-based platform that combines artificial intelligence and prescriptive analytics to improve retailers’ inventory management processes and store operations. Its clients are fashion and collection-based retailers including Pepe Jeans, Stefanel and Melon Fashion Group.
“Retail is one of the sectors of the economy with the highest potential for AI impact. Retailers are used to establishing partnerships through their value chain. We believe now is the time for them to partner with specialised AI providers for the right decision-making tools,” says Alexander Ribbink, General Partner at KEEN.