The Israeli Company STOREE Completes $8 Million Seed Round for Management of Retail Stores Operated by Artificial Intelligence
The Israeli corporation STOREE which developed a technological system for automatic management of retail chain stores organizational operation, announces a $6.8 million fundraise and completing a seed round of about $8 million. The round was led by private investors along with retail and consumer stores, including the American jewelry corporation Signet Jewelers. Funds will be used to extend the Company’s operation in Israel and abroad.
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Established by Asaf Shapira, Idan Sergi, and Chen Cohen, the Company developed a store-management technological system enabling an automatic, smart, and efficient operation of sales teams and exhibition spaces. Founded in 2016, STOREE operates in the field of data sciences and business intelligence. The product advances retail chains operation enabling technological functions such as store storage regulation, exhibition spaces advancement, sales amplification, and automatic tasks formation for the organization’s employees. These reduce the need for human resources, enabling a significant monthly cost-saving for each chain. All tasks are executed using traditional intelligence-based artificial intelligence solutions. The Company chose to concentrate on developing computerized intelligence as an assisting tool for a variety of different ranked executives and affect the management decision-making process.
Technology developed by the Company is based upon existing customer data composed of sales history, available products storage, and customers bank, gathering issues and shortages that arise from such data. In addition, the technology enables optional products presentations and examines the implications of such trials on future sales, allowing sales enhancement.
Oded Edelman, Chief Digital Innovation Advisor – Signet Jewelers & President of JamesAllen.com – who participated in the current seed round:
“Retail chains must ensure their stores will benefit from similar operations as online websites and cover the gap between physical and online commercial arenas. Global leading chains have a demand for a technology that will enable the use of their accumulated big data, allowing quality data analysis and extracting insights to advance the customer experience. We identify STOREE’s ability to fill this gap and are delighted to become their partners.”
Ido Barak, Commercial Direction at Estee Lauder Israel operating about 600 sales locations and one of STOREE’s customers:
“We congratulate the cooperation with the young startup company during the past two years. STOREE’s technology allows advancing the communication with all our sales stores by a smart digital method automatically operated according to our DNA, enabling different brands owned by us to reach top-level strategies. Foreseeing the future, we realized that this type of technology serves our unique needs and enables growth.”
Asaf Shapira, Co-Founder & CEO – STOREE:
“The COVID-19 crisis constitutes an exceptional opportunity for STOREE due to the growing demand for long-distance stores management and lack in human resources employed prior to the pandemic. I am delighted to announce the current seed round. This round is proof of the demand for operational technologies in the retail sector. Our product offers an algorithm for business management according to different factors, eventually allowing retail stores to follow Gett’s and Uber’s influence in the taxi sector. We believe that the automation provided by STOREE will cause the needed change in the retail world currently depended on a thick human chain of managers to deliver information the old-fashioned inefficient way via e-mails and WhatsApp.”
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