Netail, a Pittsburgh, PA-based provider of technology that enables retailers to auto-identify competitors across the internet and track their assortments, availability and optimize prices in real time, closed a $5M seed funding round.
The round was co-led by Magarac Venture Partners (MVP), and Dr. Andrew Ng’s AI Fund. Other investors include HKSTP Ventures.
Netail CEO Mark Chrystal, Netail provides a technology platform that enables retailers to see their market from a customer perspective, and the thousands of alternative shopping options that are now available through online shopping and search. The system 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.
The company intends to use the funds for the expansion into new markets, enhance product offerings and improve customer experience. The 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. With customers already spanning three continents, the company will also expand to the APAC region by opening an office in the Hong Kong Science & Technology Park. They also have an office in Palo Alto.
FinSMEs
29/11/2022