Spain-based AI-powered retail intelligence platform Nextail has landed $10 million in a Series A round led by KEEN Venture Partners LLP, with participation from Sonae IM and existing investor Nauta Capital. The company plans to use the capital injection to further develop its product and double the headcount to over 100 people.
Nextail focuses on the sector of fast fashion, where process optimisation is important to bring the most current designs to a store as quickly as possible. It uses AI techniques and prescriptive analytics to provide actionable insights for inventory planning and merchandising. The company claims that its clients see their sales increasing between 5-10 percent, in-store stock coverage reduced by 30 percent and stockouts reduced by 60 percent within the first 30 days of using the platform.
The company was founded in 2014 by Carlos Miragall and Joaquín Villalba, who used to work as the head of European operations at Inditex (Zara). Its clients include Pepe Jeans, Stefanel, and Melon Fashion Group.
“Retail is one of the sectors of the economy with the highest potential for AI impact,” said Alexander Ribbink, general partner at KEEN. “Retailers are used to establishing partnerships through their value chain. We believe now is the time for them to partner with specialised AI providers for the right decision-making tools.”