A Philadelphia startup that uses artificial intelligence to help retailers plan inventory and pricing has closed a $7.5 million Series A fundraising round.
Invent Analytics was founded in 2013 by Gurhan Kok. The funding was led by the European Bank for Reconstruction and Development with participation from Istanbul, Turkey-based Collective Spark.
The startup's headquarters are in Philadelphia, but it has roots in Turkey as well. Kok received his Ph.D. from the University of Pennsylvania and is now a professor at Koç University in Istanbul in addition to being CEO of Invent Analytics. His entrepreneurship follows over a decade as a professor at Duke University's Fuqua School of Business.
The Invent Analytics platform uses data to help retailers forecast, set prices and manage their supply chain with the goals of optimizing profit. Its helped clients increase profit by 2% to 6%, the company said. Invent Analytics also says its technology helps reduce lost sales 20% to 30% and reduce costs of fulfillment 15% to 20%.
The funding will go toward growth across North America and Western Europe, the company said. In addition to offices in Philadelphia and Istanbul, Invent Analytics has space in London, Dubai and Amsterdam.
The firm counts about 30 clients across the U.S., Europe, Middle East and Asia, including Hugo Boss, GNC and Camper.
Invent Analytics was named a the top supply chain startup by the Retail Industry Leaders Association in 2020
Invent Analytics could not immediately be reached for comment.
