Retail technology startup Wayvee Analytics bags $5 million in pre-seed funding as it emerges from stealth

Wayvee Analytics has emerged from stealth with $5 million in pre-seed funding led by Tetrad.vc.

By uniting radio frequency (RF) waves with proprietary artificial intelligence (AI) algorithms, Wayvee’s technology anonymously analyses emotional responses based on physiological signals in real-time, evaluating customer satisfaction score (C-SAT) and key performance metrics for retailers.

After leading product development and launching several augmented reality (AR) campaigns for Shazam’s Eastern European division, CEO and founder Alex Ovcharov leveraged his neuroscience background in collaboration with developers and former CERN physicists to engineer an algorithm capable of detecting breathing rate and micro-movements using a standard WiFi router, ultimately leading to the development of a proprietary 4D radar device.

Wayvee not only measures C-SAT and other key engagement metrics instantly, it also identifies sources of dissatisfaction and offers actionable recommendations for improvement.

The technology analyses emotional responses based on physiological signals such as breathing, heart rate, and micro-movements, and directly correlates this data with customer satisfaction.

"Emotion AI is paving the way for better experiences everywhere. Technology like Wayvee is designed to transform any offline industry where customer experience is key to success, and we’re starting with the largest one: retail,” says Ovcharov.

“I recognised the growing demand for insights into offline customer experiences, despite a gap in the market when it came to service offerings. My background in customer behaviour analytics, combined with experience in founding companies focused on emotion analysis, culminated in Wayvee's breakthrough technology. We are changing how stores interact with customers, providing live feedback from 100% of shoppers in real-time."

He adds: “This funding allows us to rapidly scale both our team and technology as global demand for a solution like Wayvee takes off. We are advancing key capabilities, boosting production, refining our hardware for large-scale and self-installation, and targeting installations to 1,000 stores by year-end.”

“With new pilots in Point of Sale and cart technologies, we are redefining the way retailers understand and respond to customer behaviour.”

“We chose to partner with Wayvee because of its unique technology and proactive approach to collaboration, offering real-time data analytics that other solutions couldn't match. It has enhanced our ability to gather precise customer behaviour insights during product testing at IROHA Mart, helping us refine marketing strategies for new market entries,” says Masashi Kameyama, Director of Marketing & Business Development, IROHA International.

“The technology has already strengthened the appeal of our test marketing services, and we believe its innovative approach to measuring in-store behaviour without intrusive methods positions Wayvee as a valuable long-term partner.”

2024 RTIH INNOVATION AWARDS

Startups are a key focus area for the sixth edition of the RTIH Innovation Awards, which is now open for entries.

The awards, sponsored by Scala, CADS, 3D Cloud, Brightpearl by Sage’s Lightning 50, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.

Key 2024 dates

Friday, 25th October: Award entry deadline 

Tuesday, 29th October: 2024 shortlist revealed

30th October-6th November: Judging days

Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.