Praetura Ventures is investing £ 1.5 million in the neighboring Sparkbox

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Manchester-based artificial intelligence startup Sparkbox has announced an investment of £ 1.5 million from a Manchester resident Praetura Enterprises.

Funding will be aimed at doubling her team and increasing the number of retailers she works with.

Sparkbox uses artificial intelligence and data to help retailers make choices that will increase profitability and reduce waste. The company was founded in 2019 by Lindsay Fisher, Matthew Wong and Kevin Blackmore.

Fisher commented: “As a team of former retailers, we have seen firsthand how the retail industry is advancing in many areas, but is lagging behind when it comes to data-driven decision-making. We know the potential there is in AI and machine learning to increase profits and reduce waste in retail.

“We are delighted that Prateura will join our mission to modernize merchandising and introduce data for the important pricing and inventory decisions that our users make every day.”

Sparkbox artificial intelligence is used by River Island and Matchesfashion. The company is a current member of Tech Nation’s Applied AI 3.0 cohort, winner of the Retail Innovation Challenge in the Fashion District in 2019 and a graduate of Google’s immersion program for startups in the UK.

Colin Green, Praetura Ventures’ operating partner, added: “Sparkbox’s approach to inventory optimization is capable of making major changes in fashion and home retail, which is clearly lagging behind when it comes to adopting technology in merchandising.”



Praetura Ventures is investing £ 1.5 million in the neighboring Sparkbox

Source link Praetura Ventures is investing £ 1.5 million in the neighboring Sparkbox