San Francisco-based grocery delivery firm Instacart has acquired a Palo Alto startup that has developed an AI powered pricing and promotional platform for consumer package goods. The financial details of the acquisition were not made public.
Eversight was founded in 2013 and has since raised $27.69 million in venture funding from Emergence Capital Ventures and Sutter Hill Ventures. The firm's platform allows clients to test the outcomes of customized pricing and promotions on customer behavior.
"Giving everyone access to the food they love is core to Instacart's mission, and when it comes to grocery shopping, we know that every dollar matters. With higher inflation and the average cost of groceries up, we're taking even more steps to make food and daily essentials more affordable," Instacart CEO Fidji Simo stated in a release. "By combining Eversight's leading pricing and promotions capabilities with Instacart's world-class teams and technology, we're positioned to deliver even more value to our brand and retail partners, while also creating more opportunities for customers to maximize their savings both in-store and online."
Instacart says it intends to create a "flywheel" effect when incorporating Eversight's technology to find the pricing sweet spot in consumer packaged goods brands that will help drive sales. The company notes that it already shares brand partners with Eversight, which include Coca-Cola, Hershey's and Raley's.
This is not Instacart's first time acquiring a complimentary AI startup. Last October it bought Caper AI, a New York startup specializing in AI-powered checkout services.
