The solution is based on computer vision. This enhances the efficiency of the use of shelf space in retail stores. Technology improves the accuracy of assortment recognition to 99% and reduces the labor costs of sales personnel by 80%. Statistically, in order to increase turnover by 1% the on-shelf availability metric needs to be increased by 3%. Customers of Intelligence Retail have already achieved up to 15% on-shelf availability improvement.
Control of shelf product assortment, price and other information takes place online. Intelligence Retail was able to reduce the time taken to obtain an electronic report on a one shelf section audited up to ten seconds. The service recognizes up to 2.5 million images per month, and the number of users of the system, which exceeds 3,000. The image library contains about 100,000 units of food and other FMCG-items.
Intelligence Retail's product is used by Danone, Heineken, Perfetti Van Melle, Action group and others in Russia, the CEE and EU, the Middle East and Latin America. Of the top 50 companies producing everyday goods, 12 are using the startup's solution, eight are piloting the service. In the case of Danone, the implementation period took one month. The same amount of time was required for tests. As a result, assortment recognition accuracy reached 95%.
The company's total recurring revenue for 2019 exceeded $ 1 million. - Threefold growth, as well as the number of regular customers, has tripled.
The share of international project revenue is increasing also. By the end of 2021, Intelligence Retail plans to bring it up to 50%. An active expansion outside Russia will also require an increase in staff. At this time the company employs more than 40 people.
ExpoCapital Fund, as well as Aii Сorporation Oy and a few business angels financed the startup before this round. But Finsight Ventures, which invested in Badoo and Banki.ru took the role of a Lead Investor. More recently, Intelligence Retail has signed a major roll-out contract for 12 countries in Latin America with leaders of the pharmaceutical industry. All the funds raised are intended for development, including in-store display recommendations services, based on big data.