AI Startup Sparkbox.ai Nets £1.5M To Aid Merchandising Team Make Better Buying & Pricing Decision
AI startup Sparkbox nets funding of £1.5M to help the merchandising teams in making better decisions.
The global AI market is forecasted to reach the value of $267 billion by 2027. Moreover, nine out of ten leading businesses have investments in AI technology. Like any other sector for instance healthcare, education, etc the usage of AI in the retail sector has also become quite popular. As per the stats, over the next eight years, the AI technology in this niche is going to grow exponentially reaching 23.32 billion US dollars by 2027.
The startup named Sparkbox keeping in view the potential of AI technology in retail has fetched huge funding of £1.5 million in a funding round led by Praetura Ventures.
It is no doubt that the retail industry has become more competitive and fast-paced due to the development of innovative retail technologies. Among them, custom retail software development is the most common.
Similarly, Sparkbox is software founded in 2019 by Lindsay Fisher, Matthew Wong, and Kevin Blackmore, aiming to aid the retailers to run on data. Moreover, helping retailers make data-driven inventory and marketing decisions, ultimately causing the reduction in waste and improving profitability.
Furthermore, the AI startup allows the companies to improve their profitability and sell via optimizing markdowns, promotions, and full price. Plus giving them data regarding demand forecasting, rebuys, and inventory planning with the inclusion of wholesale and 3rd party channels.
Co-founder Lindsay Fisher, talking about retail and the importance of data-driven decisions in this industry, expressing her views on her startup said:
“As a team of former retailers, we’ve seen first-hand how the retail industry is advancing in many areas but falling behind when it comes to making data-driven decisions. There is immense potential for AI and machine learning to improve profits and reduce waste in retail.”
In its press release, Sparkbox expressed its gratitude for its team, customers, and investors by saying
“As we celebrate this milestone, Sparkbox Co-founders would like to thank our extended team for their hard work during the pandemic and our fantastic customers – many of whom initially invested in our technology and our vision for the future of merchandising at a time of great uncertainty.”
With this fresh injection of funds, the startup plans to expand its team and improve its technology.