Central regions | Retail, FMCG | Finance, business
VCs back computer vision for merchandising
26 Feb '20
Intelligence Retail, a Russian start-up that employs computer vision in merchandising, raised $1.5m in its A venture investing round, Vc.ru reported.
Finsight Ventures, a fund set up by Russia’s Finam and Skagit Investments, led the round, and another Russian VC fund, ExpoCapital, joined in the effort.
Intelligence Retail uses computer vision to help companies step up the efficiency of shelf utilization in stores. Its software scans assortments, prices and other relevant information in real time. It reportedly takes the service 10 seconds to generate an e-report on one retail section audit with an image recognition accuracy of as high as 99%.
The software recognizes up to 2.5 million photos a month; its image library contains about 100,000 items of various FMCG assortments. The technology is said to save 80% of staff’s physical labor in a store section. Intelligence Retail claims its solution helps boost sales by 2-5%.
The service has been designed to assist retail and FMCG outlets; its customer base includes Danone, Heineken, Perfetti Van Melle, Action Group, and others. The start-up operates in Russia, in the former Soviet Union countries, in Europe, in the Middle East, and in Latin America. Intelligence Retail’s recurrent 2019 proceeds topped a million dollars, triple the 2018 results, the company announced.
According to Intelligence Retail CEO Maksim Morozov, the start-up will use the new funding to improve the accuracy of recognition and to fully automate the way its neural networks learn new assortments data. In addition, its overseas staff will be augmented.