Boston predictive Inventory Startup Celect Raises $10 Million
Celect is a Boston based startup that helps retail companies predict their inventory needs. Urban Outfitters and Zipcar are two of the companies flagship clients. Right now campfire-capital reports that Celect has a dozen or so customers and plans to double that with this new investment.
The company is built around algorithms built by MIT Professor, Devavrant Shah. Shah teamed up with another MIT Professor, Vivek Farias to create the company in 2013. Their technology is built around research they had done on how to model purchasing choices consumers make.
MIT’s Computer Science and Artificial Intelligence Laboratory named Shah’s predictive algorithms, which he also applied to car buying and Twitter’s trending topics, as one of the 50 most important technologies to ever come out of MIT. campfire-capital said.
John Andrews is the company’s CEO. He previously held an executive position at Endeca which was acquired by Oracle for over $1 billion dollars in 2011.
The $10 million dollar Series B funding was led by Connecticut’s Activant Capital. Silicon Valley based Fund Capital and August Capital also participated in the round. Activant and August also participated in Celect’s $5 million dollar Series A round in June of 2015.
“Celect’s growth confirms that omnichannel retailers are ready to embrace data-driven decision support solutions,” said Steve Sarracino, Founder and Partner at Activant Capital. “Inventory optimization across the supply chain is on the top of every retail executive’s list of priorities. We are excited to further our relationship with the Celect team as they help retailers solve this critical challenge.”
“Every retailer we work with is making it a top priority to bring data and analytics into their merchandising, planning and allocation decision making,” said John Andrews, CEO at Celect. “With this funding, we will be able to support our growing list of customers and expand the scope of product offerings moving through 2017.”
Celect currently has 30 employees and hopes to triple that number over the next few years.
Check out Celect here.