CPE News 6/3/2021) – AdeptMind Inc. has raised US $6.2 million in Series A funding by Innospark Ventures with participation of A/O PropTech, Pi Labs, and Ulta Beauty.
Led by cofounder & CEO Z. Wu, Toronto based AdeptMind is a leading AI retail technology company creating advanced digital discovery solutions for retailers and shopping centres.
AdeptMind intends to use new funding to accelerate the research and development of new tools that will amplify personalization and shopper intent, enhance marketing, and drive innovation for the underserved physical shopping experience.
photo credit: AdeptMind
Adeptmind Announces $6.2M in Series A Funding
Innovative Retail Solution Provider Will Use Funding To Accelerate Technology To Help Retailers And Shopping Centres Drive Digital Discovery
TORONTO, June 3, 2021 /PRNewswire/ – Today Adeptmind, a leading AI retail technology company creating advanced digital discovery solutions for retailers and shopping centres, announced a $6.2M USD Series A investment.
This raise is led by Boston-based VC firm Innospark Ventures. It includes support from property technology firms A/O PropTech and Pi Labs, as well as an investment by leading beauty retailer, Ulta Beauty. The funding will accelerate the research and development of new tools that will amplify personalization and shopper intent, enhance marketing, and drive innovation for the underserved physical shopping experience.
Since launching in 2017, Adeptmind’s technology has been adopted by more than 400 retailers and property owners to offer customers more convenient ways to browse, discover and shop at their favorite shopping destinations, both in-store and online. This includes industry leaders: Bayer Properties, Cadillac Fairview, Centennial REIT, Decathlon, Hammerson, U.S. Polo Association and Ulta Beauty Inc.
“While Covid-19 has greatly accelerated the adoption of online shopping, it has also highlighted the benefits that come with shopping in-store. In the post-pandemic world, shoppers will demand a new form of retail that merges the physical shopping experience with the convenience of e-commerce,” said G Wu, CEO and co-founder of Adeptmind. “Our mission is to use AI to bridge the gap between digital discovery and physical commerce by unlocking advanced customer-intent data that brings the context of physical shopping to the online world.”
Adeptmind’s technology helps retailers and shopping centres:
Bring Real Life to Online. Ecommerce sales are expected to make up 15.5 per cent of the $5.856 trillion in total retail sales this year1. While e-commerce is growing, nearly one in three online orders are returned. This is because the benefits of touching and feeling products are lost when shopping online. Using AI, Adeptmind brings key purchase decision points online. For example, when searching for a lawnmower ‘that is easy to push’ or sunscreen ‘that protects but feels light.’ Adeptmind’s advanced digital search tools mine customer-intent data to provide additional context to search terms that help online shoppers not only find a snowblower, but a snowblower that is ‘easy to push.’ The multitude of online sources, includes online customer reviews, social media and influencer content, among others.
Digitize Physical Shopping. Adeptmind allows shoppers to search one website or app to discover what items are available near you — one mall, city centre, shopping avenue at a time — and purchase items for shipment, same-day delivery, or curbside pick up. This blends the convenience of e-commerce with the uniqueness of physical shopping and transforms the shopping centre or district into a digital marketplace that engages online shoppers and provides the convenient delivery options traditionally enabled by e-commerce.
“In our AI-driven world, the power of digital search is built on context and access to data,” says Howard Bornstein, Principal at Innospark Ventures. “Adeptmind is able to provide deep, rich, customer insights that are helping to shape the way people shop. We’re excited for the opportunity to invest in their continued growth and innovation. Any retailer who cares about the customer search experience and conversion rates on their website will want to learn how Adeptmind can uniquely unlock value for them.”
“The value, conversion and loyalty that follows personalized guest experiences are incredible and only further enhanced when AI can support the experience,” said Michelle Pacynski, VP Digital Innovation, Ulta Beauty. “Adeptmind is an important strategic partner on our digital journey. We’re already seeing positive impact across our omnichannel ecosystem and look forward to working together to further bolster our data acquisition capabilities to enhance guest experiences.”
“E-commerce has changed the way people shop,” said Othmane Zrikem, CDO of A/O PropTech. “Some in the commercial real estate sector have taken this fact fatalistically, but Adeptmind is flipping it on its head. By leveraging data science to blend the ease of online shopping with the familiarity of the bricks and mortar retail experience, their platform empowers the traditional retailers and mall operators. It’s a win-win for retailer and consumer, and we’re excited to be able to support their journey.”
“Technology has the ability to help landlords and retail asset owners increase, measure, and share in the revenue that can be generated online through the presence of a physical store. However, the ability to capture that uplift is a big challenge and it is companies such as Adeptmind that offer a fully rounded solution to help landlords overcome this challenge. The pandemic has accelerated the growth of online retail but that’s not to say that physical retail is dead – far from it – what we’re witnessing is the digital metamorphosis of the industry which we believe will rise with a renewed purpose and with technology as a key part of its evolution.” Hugo Silva, Investment Manager, Pi Labs.
To learn more about Adeptmind visit adeptmind.ai
Adeptmind was founded in 2017 by two former employees of the Microsoft-exited tech startup Maluuba. As a leading AI based, e-commerce product discovery company, Adeptmind uses state-of-the-art active and deep learning techniques to enhance the customer purchasing journey. Located in Toronto, Adeptmind supports more than 400 retailers, shopping centres, and small and medium size businesses with innovative technology around the world. To learn more, visit the Adeptmind website at www.adeptmind.ai and follow Adeptmind on LinkedIn.