Leading VCs Invest in AI-Driven Solution that ‘Enhances Trade Between the World’s Most Purchased Products at the World’s Most Shopped Retailers’
Insite AI, the leader in AI-driven category and revenue growth management solutions for top consumer brands, announced it has closed a $19M Series A funding round from NewRoad Capital and M12, Microsoft’s Venture Fund. Tripling in revenue over the last 15 months, Insite AI’s advanced AI platform helps the world’s top consumer brands intelligently create assortment, space, pricing, and trade promotion strategies to improve retailer collaboration, increase revenue, and accelerate growth.
Ever-Evolving Landscape Challenges Consumer Brands
As consumer shopping behaviors, economic uncertainty, and post-pandemic supply chain issues present new challenges for brands daily, the need for a fast, comprehensive category management solution is more important than ever. While the top 100 consumer and private label brands worldwide spend an estimated $561B annually on sales, marketing, and trade, they are still challenged to find a solution to achieve desired results and operational efficiencies in those areas.
Sophisticated, Fast-to Configure Solution Fills the Market Void
Insite AI co-founders Shaveer Mirpuri and Jonathan Reid started the company with the belief that there was a tremendous opportunity to fill this market void. The pair focused on developing a fast-to-configure, sophisticated enterprise solution to help consumer brands succeed with their complex retail channels – eliminating the need for those brands to spend multiple years in development and tens of millions of dollars on specialized capabilities.
“Large consumer brands have long been challenged by the time, cost, and debate involved in determining the best category, sales, and revenue management strategies,” said Shaveer Mirpuri, co-founder of Insite AI. “Insite AI is the first technology that allows them to input target financial or commercial objectives and receive recommendations for capturing incremental ROI from sales, marketing, trade, and innovation investments.”
Strategic Partner Driving Growth for Brands
“Insite AI is the ‘magic’ that algorithmically shapes trade between the world’s most purchased products and the world’s most shopped retailers,” said Insite AI board member and M12 Partner Abhi Kumar. “At M12, we make investments in industry disruptors, and we firmly believe that Insite AI is the leading innovator using AI and data to help consumer brands win by enriching collaboration with their retail channels. Insite AI has changed the concept of category and revenue growth management in consumer brands.”
“Insite AI is what executives at top brands absolutely need in order to succeed with their key retail partners,” said Scott Huff, former Merchandising Executive at Walmart and Insite AI board member. “The solution produces very detailed and fact-based projections using strategies which leaders propose or the solution recommends. The powerful findings it provides and specific actions which can be executed with the retailer cannot be produced through investments into people, partners, or technology alone. As a result, brands and their leadership teams can better perform in their categories.”
Insite AI has numerous employees that hold a PhD in AI and its executives are industry veterans from well-known technology and consulting companies, including Revionics, Aptos, Dunhumby, Nielsen, DemandTec and SymphonyAI Retail, and retailers and brands including Walmart, Pepsico, Target, Kroger, and Albertsons.