The SaaS, retail visual intelligence startup Infilect (1) has recently secured 1.5 million USD in pre-series A funding round. Mela Ventures and 1Crowd led the latest fundraise. The company also observed participation from TCA, The Chennai Angels, in the current round. According to the startup, it will use the latest fundings to boost sales and market.
The company aims to expand its AI and computer vision capacities to help retailers adapt to digital transformation. Moreover, the startup is also looking to enhance its R&D in the IR, Image Recognition for the retail industry. It includes spaces including supply-chain, personalization, category planning, and more.
Anand Prabhu Subramanian and Vijay Gabale founded Infilect to help retailers use IR and AI to plan in their assortment planning. The company has helped industries in FMCG, retail, food & beverages, consumer electronics, and home improvement segments.
Infilect to Help Retail Businesses with Their Deep-tech Products
Vijay Gabale, the co-founder of Infilect, stated that the team is delighted to partner with Mela Ventures, 1Crowd, and TCA. Their investments and mentorship would help the platform to build cutting-edge deep-tech products. It would also help us boost our enterprise sales globally.
While commenting on the latest funding round, Anand Prabhu Subramanian stated that today retail brands do not have enough visibility of their products. They lack clarity into the presence, positioning, placement, and performance across their large number of retail stores. Hence, the final frontiers and retail shelves mostly remain undigitised. As a result, there is a global inefficiency of a trillion dollars with overstocking or out-of-stocks.
An IC Member of Mela Venture, Rostow Ravanan, would join the board of directors of Infilect with the latest investment round. The Managing Partner of Mela Ventures, Parthasarathy NS, stated that the products of Infilects automate the traditional retail processes. It incorporates them with speed, accuracy on a large scale. Therefore, Infilect empowers decision-makers of the entire organization. It includes category owners to sales leaders with their insights and actions.
Author: Rucha Joshi
Source : https://timesnext.com/infilect-secures-1-5-million-usd-in-pre-series-a-fundraise/
Date : 2020-09-30T06:52:04.000Z