Genetica, a San Francisco, CA-based company that provides an AI-powered cannabis retail platform, announced that it closed $500,000 in seed funding.
The round was led by Ensemble, CEO of Talent Resources Ventures and Genetica Adviser Michael Heller, Show Me Organics, Executives from Hara Supply, and Mitchell Harounian.
The investment allows Genetica to expand into more dispensaries across the country and other retailers outside of the cannabis industry, like grocery stores and pharmacies.
The company is on pace to launch its software into more than 350 locations here in the United States and dozens of retail and pharmacy entities internationally over the next quarter.
Genetica's Flora AI, the underlying technology powering its suite of products, brings a new level of detail to consumer experiences in the cannabis and CBD industries.
Its flagship product, Flora Match, leverages Flora AI to deliver personalized product recommendations by analyzing over 650 million data points, including in-store inventory, customers' dietary habits, activity levels, age, medical conditions, and desired effects.
Genetica CEO Ben York says, "We're so lucky to have this incredible roster of strategic investors on hand to enable our expansion across the US and abroad. Their faith in our mission has empowered us to broaden our scope beyond the cannabis sector. Our ultimate goal is to increase revenues and customer loyalty for a diverse range of retailers through data-driven product recommendations and business insights."
Company: Genetica
Raised: $.50K
Round: Seed Round
Funding Month: May 2023
Lead Investors: Ensemble, CEO of Talent Resources Ventures and Genetica Adviser Michael Heller, Show Me Organics, Executives from Hara Supply, and Mitchell Harounian
Additional Investors:
Company Website: https://www.getgenetica.com/
Software Category: AI-powered Cannabis Retail Platform
About the Company: Established in 2020, Genetica is at the forefront of modernizing the cannabis and CBD industries with Flora AI, its pioneering platform. Flora AI analyzes over 650 million data points to provide precise product recommendations, ensuring customers find the perfect product in line with their needs, biochemistry, and current in-store inventory. This state-of-the-art tool not only enriches the customer experience but also empowers store employees, paving the way for effective upselling and increased loyalty. With a profound understanding of the historical and cultural significance of cannabis, Genetica is committed to helping retailers navigate and thrive in this rapidly evolving market.
Source: https://www.prnewswire.com/news-releases/genetica-raises-500-000-seed-round-to-make-cannabis-shopping-smarter-with-ai-301832967.html