EDBI backs RetailNext to bring e-commerce-style shopper analytics to offline retailers in APAC
An IoT SaaS company, RetailNext automatically collects and analyses shopper behaviour data, providing retailers with insights to improve the shopper experience in real time
RetailNext, a provider of IoT-based analytics solutions for brick-and-mortar retail stores, has received an undisclosed sum in financing from EDBI, the investment arm of the Singapore Economic Development Board.
The California-headquartered company will use the funds for expansion into the Asia-Pacific region, as per an official statement.
“The opportunity to bring EDBI into our business allows us to leverage not only its deep understanding of the Singapore and APAC 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,” said Alexei Agratchev, Co-founder and CEO of RetailNext.
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RetailNext is a retail vertical Internet of Things (IoT) platform that brings e-commerce-style shopper analytics to brick-and-mortar stores, brands and malls. Through its SaaS platform, RetailNext automatically collects and analyses shopper behaviour data, providing retailers with insights to improve the shopper experience in real time.
The company claims that more than 300 retailers in over 60 countries have adopted its analytics software and retail expertise to better understand the shopper journey, in order to increase same-store sales, reduce theft and eliminate unnecessary costs.
“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 CHU Swee Yeok, chief executive officer and president of EDBI.
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“Their integrated full-suite platform with advanced real-time monitoring analytics solutions will help improve businesses’ sales performance, productivity and operational efficiency. EDBI is pleased to support RetailNext’s growth strategies to extend its footprint in Asia as it builds its data innovation and software development activities in Singapore,” Yeok added.
EDBI, with over 25 years of experience, invests in knowledge- and innovation-intensive sectors covering smart & sustainable technology (SST), biomedical sciences and ICT. It is also interested in frontier technologies like IoT, robotics, augmented/virtual reality and artificial intelligence.
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