MIT retail analytics spinout Celect has now raised a total of $25m, having received $15m in an NGP Partners-led round.
Celect, a US-based retail analytics technology spinout of Massachusetts Institute of Technology, has closed a $15m series C round led by NGP Partners, the venture capital firm founded by communications technology manufacturer Nokia.
Family office Fung Capital also took part in the round together with investment firm Activant Capital and VC firm August Capital.
Founded in 2012, Celect has launched a cloud-based predictive analytics platform called Inventory Optimization Suite that allows retailers and brands to forecast buying trends so they can adjust stock merchandising, allocation and fulfilment schedules accordingly.
Celect’s technology can be applied to both online and brick-and-mortar businesses, and has already been used by apparel brands including Aldo, Polo and Urban Outfitters.
The series C capital will go toward recruitment in engineering and sales as Celect looks to enhance its technology and build up its market share. Upal Basu, general partner at NGP Partners,…
