Celect, a Boston, MA-based market leader in the predictive analytics and inventory optimization for the retailers has now secured $15 Million in the funding round of Series C.
The round was led by the NGP Ventures Capital, and some of the existing investors Fung Capital, with the collaboration from the previous investors August Capital, and Activant Capital. In conjunction, with the new funding NCGP Capital, Upal Basu and Fung Capital Janie Yu will going to join ad the Board of Director.
The company will now be going to use the funds to expand its sales and engineering teams, further also enhance its patented technology solutions, and to also grow its market share.
The startup which is led by the John Andrews, Celect is a cloud-based predictive analytics SaaS platform which allows retailers to optimize their overall inventory portfolio in stores across the supply chain. The technology also allows the retailers and brands to predict the future buying patterns and behavior so that they can make profitable allocation, merchandising, and to fulfillment decisions. The company as of now has also served the top brands such as the Luncy Brand, Neiman Marcus, Polo, ALDO Group and Urban Outfitters.
“While few things remain constant in retail, the customer always comes first. One of a retailer’s toughest dilemmas is determining what, when, where and how much customers will buy, but advances in machine learning and artificial intelligence can now solve that problem,” said Upal Basu, the partner at NGP Capital. “Led by a seasoned executive team, Celect’s advanced analytics platform offers retailers a reliable way to anticipate – and generate value from – customers’ ever-changing needs. By accurately predicting future demand, Celect helps retailers overcome longstanding inventory obstacles while driving revenue and gross margin increases.”
“As a fashion retailer focused on delivering a quality product to customers in a time-sensitive manner, the ALDO Group is always looking to evolve and adapt our supply chain technology,” noted Jennifer Maks, senior vice president of omnichannel at the ALDO Group. “These fulfillment optimization initiatives have proven successful to date, and we look forward to continuing this positive trend and further optimizing the efficient fulfillment of customers’ online orders from across our global network.”
You may also like to read: