Nexite announces major funding for physical retail-boosting tech platform
Tech firm Nexite has announced a new funding injection that takes its total funding up to $100 million for its "tiny breakthrough" Bluetooth tag and SaaS platform. This is claimed to be the first to provide a “continuous flow of long-range real-time data directly from the merchandise, arming [physical] retailers with a host of benefits”.
Those benefits include “first-of-its-kind in-store customer behaviour insights, real-time inventory without manual scanning, seamless checkout and returns”.
The Israel-based company said that “as the cost of living crisis begins to bite, fashion retailers need to invest in the in-store experience to optimise sales and minimise the risk of losing more customers to online alternatives”.
Describing its tech as offering “e-commerce-level intelligence for physical retail stores”, the data platform has just raised 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.
Founded by Anat and Lior Shakedd, Nexite has developed its data platform connecting physical merchandise to the cloud, “enabling brands to increase in-store revenue with real-time sales funnel analytics traditionally used in e-commerce”.
Its 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”.
“We’re providing complete transparency into the physical sales funnel and by doing so, we’re creating a lexicon for in-store intelligence to optimise sales per square metre based on customer engagement data,” said CEO Anat Shakedd. “We’re introducing terms normally associated with e-commerce 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.”
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