There's no denying that AI is becoming a bigger factor in the retailer space: a recently released survey of IT decision-makers in the space found that 71% of retail respondents said that AI and ML currently leads their IT/business strategy. That includes 62% who use the technology to predict business performance and 61% who use it for data analysis, while 56% use it as a driver of innovation and 52% use it to improve speed and efficiency, as well as to reduce risk in the future.
The use of data, analytics and technology can help manufacturers and retailers cut down on waste by predicting purchases, helping them understand which styles and trends will sell best, along with the longer term trends that will shape the industry in the years to come. That is a big change from having to wait for feedback from retailers on what already sold, at which point it's too late to cut down on waste.
Here are some of the companies in the fashion/retail space providing this type of data and analytics:
RetailNext
Description: "Through its centralized SaaS platform, RetailNext automatically collects and analyzes shopper behavior data, providing retailers with insight to improve the shopper experience in real-time"
Founded: 2007
Total funding: $226 million
Last funding round: June 2021
Investors: Siguler Guff & Company, Commerce Ventures, Qualcomm Ventures, August Capital, NGP Capital, American Express Ventures, StarVest Partners, Activant Capital, Christian Dahlen, Pereg Ventures, JCI Ventures, Tyco Retail Solutions
True Fit
Description: "Convert and retain more hoppers with True Fit. Reduce returns, build loyalty and convert more customers with the industry's leading digital fit solution"
Founded: 2010
Total funding: $157 million
Last funding round: December 2021
Investors: Espresso Capital, Georgian, Intel Capital, Founder Collective, Promus Ventures, Jump Capital, Signal Peak Capital, Cross Creek, Novel TMT Venturs, BYU Cougar Capital, Guggenheim Partners, Breakaway Ventures
Description: "CARTO is the world’s leading Location Intelligence platform, enabling organizations to use spatial data and analysis for more efficient delivery routes, better behavioural marketing, strategic store placements, and much more"
Founded: 2012
Total funding: $92 million
Last funding round: December 2021
Investors: Kibo Ventures, Hearst Ventures, Accel, PLug and Play, Insight Partners, Salesforce Ventures, Earlybird Venture Capital, European Innovation Council, Employee Stock Option Fund, European Investment Fund, VitaminaK, Miguel Arias
MakerSights
Description: "MakerSights enables apparel, footwear, and accessories brands to rapidly collect consumer feedback at scale, analyze consumer data for insights, and make confident product, investment, and go-to-market decisions that dramatically reduce costs, drive unprecedented margins, and inspire brand superfans"
Founded: 2015
Total funding: $36.6 million
Last funding round: August 2021
Investors: Bossanova Investimentos, Gaingels, Great Oaks Venture Capital, Forerunner Ventures, Baseline Ventures, G2 Venture Partners, Golub Capital, Brett Hurt, Jeff Epstein, Landis Capital, Jared Schrieber, Steve Anderson, Jon Brelig, Hayley Barna, Brant Barton, Elizabeth Spaulding, Bill McComb
EDITED
Description: "EDITED is the leader in global retail analytics. We provide market data, trend insights, and AI-driven solutions so you can see what’s happening both inside and outside of your business faster, and take action immediately"
Founded: 2009
Total funding: $35 million
Last funding round: April 2020
Investors: Hermes GPE, Beringea, Index Ventures, Atlas Ventures, Seedcamp, Future Fifty, Upscale, Joanne Wilson, Frog Capital, Wavecrest Growth Partners, Alex Zubillaga
Impact Analytics
Description: "taying ahead requires smart & precise decisions. Leverage next-gen SaaS solutions to transform your retail business"
Founded: 2015
Total funding: $21.8 million
Last funding round: October 2022
Investors: The Argentum Group, Michael Herzig, Aarin Capital, Ashish Lakhanpal
Resonai
Description: "Computer vision enterprise platform to transform commercial buildings into intelligent environments for greater operational control, real-time customer insights, and innovative engaging experiences"
Founded: 2013
Total funding: $20 million
Last funding round: October 2022
Investors: SBI Investment, REDDS Capital, Vivi Nevo, Meitav Investment House, Irani CVC, Alon Blue Square
FINDMINE
Description: "Predictive intelligence empowers Merchants and Marketers to automate looks for 95% of the catalog, and drive millions in incremental revenue"
Founded: 2014
Total funding: $15.3 million
Last funding round: September 2022
Investors: Underscore VC, XSeed Capital, SAP.iO, XRC Labs, XSeed Capital, Underscore VC, Almaworks, RevTech Ventures, Amplifyher Ventures, Tuhaye Venture Partners
Analytics IQ
Description: "Access the predictive data, audiences, and analytics your team needs to launch targeted campaigns, build better models, create data-driven products and grow your business"
Founded: 2007
Total funding: $15 million
Last funding round: August 2019
Investors: Boathouse Capital
Exchange Solutions
Description: "Delivering personalized loyalty solutions to retailers that enable them to build deeper and more profitable engagement with their consumers"
Founded: 1996
Total funding: $4.3 million
Last funding round: April 2021
Investors: North Hill Ventures, Valhalla Partners, Ascent Venture Partners, Clipper Ship Ventures, MMV Capital Partners, 
ARpalus
Description: "Harnessing the power of computer vision and AR to enable a more efficient and profitable retail environment"
Founded: 2019
Total funding: $2 million
Last funding round: January 2021
Investors: SAP.iO, LeadX Capital Partners, Nielsen Innovate, Techstars
Stylumia
Description: "We believe in augmenting human intelligence in fashion and lifestyle retail for a better world"
Founded: 2015
Total funding: $25,000
Last funding round: March 2022
Investors: EXPERT DOJO, Lowe's Innovation Labs
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