Tel Aviv University spinout CB4 has been bought by Gap after having raised at least $22m in equity financing.
CB4, a US-based predictive analytics platform for retailers spun out of Tel Aviv University, has been acquired by clothing retailer Gap for an undisclosed sum.
CB4’s staff will join Gap as full-time employees following the acquisition.
Founded in 2012, CB4 relies on artificial intelligence and machine learning to offer a cloud-based predictive analytics platform that helps bolster retail operations, boost sales and improve customer experiences.
Sequoia Capital provided $6m for CB4 in November 2014, by which point the spinout was reportedly already profitable.
Octopus Ventures subsequently led a $16m series B round in March 2019, when it was joined by Sequoia Capital, Sonae IM and Pereg Ventures, the latter of which was identified as an existing shareholder.
Sally Gilligan, chief growth transformation officer, and head of the Strategic Growth Office at Gap, said: “We believe artificial intelligence and machine learning will shape the future of our industry.
“Gap has experience working with CB4’s world-class data scientists, so we understand the impact and the wide applications their science can have across sales, inventory and consumer insights, as well as its potential to unlock value and enhance the customer experience.”