Data platform solution provider Nexite said it secured $67 million in Series C funding, which was led by Pitango Growth and Saban Ventures and done with participation from existing investors Battery Ventures, Intel Capital, Pitango First and Vertex Ventures.
This latest round brings Nexite’s total funding to $100 million.
The company’s technology allows merchants to connect physical merchandise to the cloud, enabling them to “increase in-store revenue with real-time sales funnel analytics traditionally used in e-commerce,” the company said.
“With data aggregated from a product’s location, availability and performance and aligned to customer journey behavior, Nexite provides actionable insights to help maximize store sales per square foot,” Nexite said, adding that its patented, “first-of-its-kind, battery-free NanoBT (Bluetooth) tag is attached to merchandise delivering frictionless customer experiences including secure mobile self-checkout, seamless returns and seamless click-and-collect, driving omnichannel sales and enhancing the customer’s in-store experience.”
The seamless returns require no staff, Nexite said, and the platform also offers insights into why customers purchase or abandon merchandise. It also shows which products sell well together and which shelves or places garner the most attention, allowing for better product placement optimization.
Nexite said the technology allows for automated merchandise tracking “from the factory to the customer’s closet, providing a real-time inventory of physical stores with no manual scanning required.”
The company’s technology rolls out into the market as the role of physical stores evolves but continues to drive most of retail sales. Nexite said brands and retailers “are looking to optimize physical locations to offer a next-generation customer experience, yet they still have limited visibility into the sales funnel and the customer’s journey inside physical stores.”
“This leads to an inability to understand what drives engagement and how to optimize merchandise performance,” the company said. “In addition, existing solutions for managing in-store inventory generally require a substantial amount of manual work by retail staff.”
By way of solution, Nexite said it provides retailers with item-level intelligence through the entire product life cycle “to optimize in-store assortment performance, track consumer engagement and automate traditional staff processes.”
Anat Shakedd, cofounder and chief executive officer at Nexite, said her company’s technology provides “complete transparency into the physical sales funnel, and by doing so, we’re creating a lexicon for in-store intelligence to optimize sales per square meter based on customer engagement data.”
Isaac Hillel, managing partner at Pitango Growth, said, “[The] continuous flow of data from merchandise reinvents physical retailing into live digital solutions. Nexite’s cutting-edge technology is gaining tremendous traction in the market. It’s clear that Nexite is creating a new, well-needed category, and we are excited to continue from our initial investment with Pitango First through to this latest round.”
“Continuous data flow from merchandise and the resultant analytics are transformational for retailers globally,” said Barak Pridor, managing partner at Saban Ventures. “Nexite’s cutting-edge solution is driving significant commercial results that have never been achieved before in this space. We are very proud to be joining this incredible team on its journey.”