London-headquartered software provider for the retail industry Edited has secured $29m in funding.
The software combines machine learning with image and text recognition to understand pricing, discounts, assortments and trends in real-time across the retail industry.
The technology allows brands to keep track of their own inventory as well as the pricing and details of competitor’s products via its dashboard. Artificial intelligence can then aid in the pricing and repricing of items to meet demand and competition most effectively.
The firm, which counts leading fashion brands including Zara and Boohoo among its clients, is made up of data scientists and engineers working alongside former buyers and merchandisers from global brands and retailers.
Co-founded by CEO Geoff Watts and Julia Fowler in 2009, its Retail Decision Platform is used to analyse markets, drive sales, maximize margins and trade more efficiently.
The funding, from Beringea and Wavecrest Growth Partners with participation from Hermes GPE, will be put toward R&D and new hires as the company expands globally. The latest round brings the company’s total raised to $34m.
Geoff Watts, Co-founder and CEO of Edited said: “We are thrilled to welcome Wavecrest and Beringea as our new partners to help us accelerate international expansion and scale the business. GP Bullhound was instrumental in guiding us to find the best partners to help realise our global ambitions.”