[Funding alert] Retail AI startup Vedalabs raises pre-Series A funding from Satin Neo Dimensions
With this funding, Gurugram-based Vedalabs plans to expand its product capabilities into intelligent store fitouts as well as scale the current products to store-level analytics.
Vedalabs, an AI startup that helps retail stores, on Monday said that it has raised an undisclosed amount as a part of its pre- Series A round from end-to-end retail store solutions provider Satin Neo Dimension, to expand its reach in retail analytics.
With this development, serial investor and Founder of Satin Neo Dimensions Satvinder Singh will join the startup’s board. And Gurugram-based Vedalabs plans to use the funds raised to expand its product capabilities into intelligent store fitouts as well as scale the current products to store level analytics.
Speaking to YourStory, Veer Mishra, Co-founder and CMO at Vedalabs said that the areas that the company will focus on after the fund raise include technology and IP, sales expansion, as well building a more granular and vertical-centric product.
“This investment will help us scale our team and current sales pipeline in order to establish a market dominance. With Satin's strong background in retail vertical, we aim to use their knowledge and existing relationships with brands, to scale our product and sales,” says Veer.
Last November, the startup had scaled its presence in the US with an investment from Alchemist Accelerator as well.
Founded in January 2018, by Veer Mishra, Vivek Singh, Saurabh Shandilya and Saurabh Yadav, Vedalabs is an AI platform that helps retailers move more inventory and make informed decisions by real time store level insights.
With deep expertise in AI, computer vision, as well as retail technology space, Vedalabs makes it possible for retailers to understand footfall, as well as gives an overview of demographics, repeat count, and more deep insights so as to make more informed decisions at a lower cost but with higher accuracy.
This, in turn, allows enterprise, retailer, and warehouses to plan more accurate offers and improve in-store experience by providing personalised experiences to every end consumer.
“In a couple of months, we will be rolling out a public version of the app, allowing users to automatically connect the Vedalabs platform to their CCTV cameras and perform basic level analytics,” Veer adds, while commenting on the future plans.
There are two ways the startup fits its platform - on-site as well as through an on-cloud model, both of which have a monthly retainer that depends on the usage. The average ticket starts from Rs 5,000 per month per store and goes up to Rs 25,000 per month per store, claims Veer. At present, the startup claims to have two large scale enterprises and brands.
By the end of this calendar year, the startup is looking to deploy its solutions across 300 locations.
(Edited by Evelyn Ratnakumar)