Nexite, the pioneering data platform for real-time in-store intelligence and truly seamless retail shopping, today announces a $67 million Series C investment led by Pitango Growth and Saban Ventures with participation from existing investors Battery Ventures, Intel Capital, Pitango First and Vertex Ventures. This round brings the company's total funding to $100 million.
Founded by Anat and Lior Shakedd, Nexite has developed a data platform connecting physical merchandise to the cloud, enabling brands to increase in-store revenue with real-time sales funnel analytics traditionally used in eCommerce. 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. The company's 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.
Forrester predicts physical stores will continue to drive the bulk of US retail sales for the foreseeable future, 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. In addition, existing solutions for managing in-store inventory generally require a substantial amount of manual work by retail staff. Nexite provides retailers with item-level intelligence through the entire product lifecycle to optimize in-store assortment performance, track consumer engagement and automate traditional staff processes.
"We're providing 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," said Anat Shakedd, co-founder and chief executive officer at Nexite. "We're introducing terms normally associated with eCommerce like abandonment, engagement and conversion into the physical realm. This type of data has never before been accessible and now it's paving the way for retailers to navigate digital together with brick-and-mortar commerce."
Isaac Hillel, Managing Partner at Pitango Growth commented, "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."
