Netail, a Pittsburgh, PA-based next-gen AI for retail to attract, convert and retain the digital consumer, announced that it raised $5 million in seed funding.
The round was co-led by Magarac Venture Partners (MVP), which provides early-stage venture capital to dynamic entrepreneurs and successful technology companies throughout the Midwest, and Dr. Andrew Ng’s AI Fund. Other investors include HKSTP Ventures.
This funding will be used to enhance current product offerings and expand its team of retail, AI, and software engineers. In addition, Netail will leverage MVP's deep Midwest connections to win customers, recruit talent and attract new partners. It will also expand to the APAC region by opening an office in the Hong Kong Science & Technology Park.
Mark Chrystal, CEO of Netail says, "As shopping has been transformed, retailers need to recognize that their competitive universe has expanded a thousand-fold and as a result, competitive pricing, features, availability, and convenience are central to a daily battle to win each and every customer. That's what Netail focuses on, helping retailers around the world stand out digitally against the competition."
Founded in 2022 as part of Landing AI, Netail will now develop its breakthrough artificial intelligence (AI) technology in Pittsburgh, the home of Carnegie Mellon University and a technology hub, while retaining a presence in Palo Alto.
Company: NETAIL, Inc.
Raised: $5.0M
Round: Seed Round
Funding Month: November 2022
Lead Investors: Magarac Venture Partners (MVP) and AI Fund
Additional Investors: HKSTP Ventures
Company Website: https://netail.ai/
Software Category: AI Suite for Consumer-focused Businesses
About the Company: Netail is an easy-to-use technology that helps retailers see their market from a customer perspective and the thousands of alternative shopping options that are now available through online shopping and search. Netail scans the web and auto-identifies competitive products, providing real-time competitive intelligence for pricing and assortment decisions. Using business rules and AI-based optimization, Netail helps retailers attract and convert more customers, without sacrificing brand values. Without Netail, retailers are faced with large increments in digital marketing spending and declining ROI.
Source: https://www.prnewswire.com/news-releases/netail-closes-seed-funding-to-advance-retail-focused-ai-development-301688526.html