SaaS-based retail visual intelligence startup Infilect has raised $1.5 million in pre-series A funding led by Mela Ventures and 1Crowd, with participation from The Chennai Angels (TCA).
The company said it will use the funding to boost its sales and marketing. It will also further its R&D in Image Recognition (IR) for the retail industry, especially in areas like supply-chain optimisation, store personalisation, and category planning.
Founded by Anand Prabhu Subramanian and Vijay Gabale, Infilect helps retailers use Image Recognition (IR) and Artificial Intelligence (AI) in planning their assortment in stores. The startup has helped industries in retail, FMCG, consumer electronics, food & beverages, and home improvement sectors across geographies.
“We are excited to be partnering with Mela Ventures, 1Crowd, and TCA. The investment and mentorship will help us build cutting-edge Deep Technology products and boost our enterprise sales in global markets,” said Vijay Gabale.
“Today, retail brands lack visibility into presence, placement, positioning, and performance of retail products across a large number of retail stores. The final frontiers, the retail shelves, largely remain undigitised, resulting in out-of-stocks and overstocking; a trillion dollar inefficiency worldwide,” said Anand Prabhu Subramanian.
In conjunction with the investment round, Rostow Ravanan, an IC Member of Mela Ventures, will also be joining Infilect’s board of directors.
Parthasarathy NS, Managing Partner, Mela Ventures, said:
“Infilect's products automate traditional retail processes with speed, accuracy, and on a large scale. Thereby, Infilect empowers decision makers in the entire organisation, from associates to category owners to sales leaders, with unprecedented insights and actions.”
Edited by Megha Reddy
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Link : https://yourstory.com/2020/09/funding-alert-saas-startup-infilect-mela-ventures
Author :- Vishal Krishna ( )
September 30, 2020 at 10:42AM
YourStory