Yieldigo, a Czech startup founded by three mathematicians, has raised €2 million in seed funding to expand its AI-based pricing platform. The Hungarian VC fund PortfoLion and Silicon Valley’s Alchemist Accelerator participated in the round, alongside J&T Ventures. The Prague-based company helps international retail chains, both on and offline, price their products more intelligently. The system combines internal user data, competitive business intelligence, general market trends, and other sources to analyse thousands of products across hundreds of store locations — and to predict how a customer is likely to make decisions in different situations. Beyond the Czech Republic, chains in Slovakia, Poland, Germany, the Ukraine and Russia are using the platform. Customers include supermarkets, pharmacies and drugstores.
The three founders were initially involved in mathematical research in the field of ticket pricing and then decided to transfer their experience to the retail sector. Founded in 2016, the company hit profitability just two years later. Since then the technology has won some recognition: last year Gartner named Yieldigo a ‘Cool Vendor’ in the Digital Commerce category, and it received the Microsoft Award in fast-moving consumer goods (FMCG) and e-tail. With the new investment, Yieldigo plans to ramp up research and development and expand into new markets.
Photo: Yieldigo founders Radim Dudek, David Klečka and Jiří Psota