The Israeli Firm STOREE Completes $Eight Million Seed Spherical for Administration of Retail Shops Operated by Synthetic Intelligence

Tel Aviv, Israel, 4th August 2021 / PRNewswire / – Israeli company STOREE, which has developed a technological system for automatically managing the organization of retail chains, announced today $ 6.8 million Collect donations and complete a seed round $ 8 million. The group was led by private investors as well as retail and consumer businesses, including the American jewelry company Signet Jewelers. The funds will be used to expand the company’s operations in Israel and abroad.

Founded by Asaf Shapira, Idan Sergi, and Chen Cohen, the company has developed a technological store management system that enables the automatic, intelligent and efficient operation of sales teams and showrooms. STOREE was founded in 2016 and is active in the field of data sciences and business intelligence. The product improves the operation of retail chains and enables technological functions such as the regulation of warehousing, the further development of exhibition areas, sales reinforcement and automatic task setting for the employees of the organization. These reduce the need for staff and enable significant monthly cost savings for each chain. All tasks are carried out using traditional intelligence-based artificial intelligence solutions. The company has chosen to focus on developing computational intelligence as a tool for a wide variety of executives and influencing the management decision-making process.

The technology developed by the company is based on existing customer data, consisting of the sales history, the available product memory and the customer bank, and collects problems and bottlenecks that arise from such data. In addition, the technology enables optional product presentations and examines the impact of such attempts on future sales, which allows for increased sales.

Oded Edelman, Chief Digital Innovation Advisor – Signet Jewelers & President of JamesAllen.com – who participated in the current seed round:

“Retail chains need to ensure that their stores benefit from operations similar to online websites, bridging the gap between physical and online stores. The world’s leading chains have a need for a technology that enables their accumulated big data to be leveraged and high quality data analysis “and insights to improve the customer experience.” We recognize STOREE’s ability to fill this gap and look forward to becoming their partner. “

Ido Barak, Commercial Direction at Estee Lauder Israel with around 600 sales locations and one of STOREE’s customers:

“We congratulate the collaboration with the young startup company over the past two years. STOREE’s technology enables communication with all of our sales outlets to be advanced through an intelligent digital process that is automatically operated according to our DNA, and enables different brands to do so Who Owns Us To Get To The Top Levels Looking to the future, we have recognized that this type of technology meets our unique needs and enables growth. “

Asaf Shapira, Co-Founder & CEO – STOREE:

“The COVID-19 crisis represents an exceptional opportunity for STOREE due to the growing demand for remote business management and the pre-pandemic staff shortage. I am pleased to announce the current seed round. This round is a testament to the demand for operational technologies in retail. Our product provides a multi-factor business management algorithm that enables retail stores to follow the influence of Gett and Uber in the taxi sector. We believe that the automation provided by STOREE will make the necessary change in the retail world now, relying on a dense human chain of managers to convey information in old-fashioned inefficient ways via email and WhatsApp. ”

about the company

STOREE was founded in 2016 by. founded Asaf Shapira, Idan Sergi and Chen Cohen, and currently employs 22 people. Today it is in 35 retail and consumer chains across Israel and Europe, operates more than 2,500 stores in the fields of apparel, cosmetics, accessories, glasses and shoes.

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SOURCE BUSINESS