EDBI invests in US startup to boost insights for physical retail stores

Photo credit: dotshock / 123RF.

You might not have noticed if you’re shopping online all the time, but brick-and-mortar retail stores are still out there. What’s more, they’d love to learn more about their customers, in the hopes of influencing them to spend more time there, buy their wares, and come back in the future.

That’s where startups like US-headquartered RetailNext come in. The company peddles internet-of-things (IoT) analytics products that help store operators keep an eye on their customers while they’re visiting, so that they can improve their experience and lower costs.

The company gives hardware and software tools to retailers, including video cameras, point-of-sale systems, wifi- and bluetooth-connected devices, web dashboards, and mobile apps.

RetailNext’s process. Image credit: RetailNext.

RetailNext just raised a strategic equity round, and EDBI, the investment arm of Singapore’s Economic Development Board, announced today it was part of it. The investment size is undisclosed. The investment allows RetailNext to grow its Asia-Pacific operations through its Singapore-based regional office.

RetailNext claims it’s working with 300 retail customers and mall operators in 60 countries. Its customers include Bose, Ralph Lauren, and Bloomingdales. In Singapore, the startup has partnered with consumer electronics retailer Newstead in its @Notebook laptop concept store chain.

The company’s Singapore headquarters will also serve as its base for “data analytics innovation and software development” outside the US.

RetailNext previously raised its series E round, worth US$125 million, in April 2015, led by Activant Capital Group. It has raised a disclosed total of US$184 million.