Posted at 14:26h in
Formulate Today Formulate, a SaaS company focusing on AI solutions for retail promotions, announces they have closed a late-seed round of 3.7m EUR, led by henQ, with the participation of Industrifonden and J12 Ventures. The funds raised will be invested in international expansion and growing the team.
It began in 2016 with a pile of research papers and a
consultancy project focused on analysing a retailer’s sales data. The founders
of Formulate soon recognised that the need to improve promotion analysis within
retail was huge. Most analyses and forecasts were done on gut-feel alone, without
proper tools to manage, analyse, and visualize quantitative results in order to
make data-driven decisions. Since then, Formulate has designed, developed, and begun
to sell Retail DecisionCloud, a cloud-based AI SaaS solution. Current customers
include leading Swedish retailers, such as Coop and Apoteket.
(more…)