Israeli AI retail software company CB4 Computer Based Forecasting has announced that it has completed a $16 million series B financing round led by Octopus Ventures with the participation of Sonae IM and existing investors Sequoia Capital and Pereg Ventures.
Based in Herzliya, CB4 was founded by chairman Prof. Irad Ben-Gal and GM Israel Dr. Gonen Singer.
CB4's software uses machine learning and advanced AI algorithms to identify high local demand for specific products in stores. When a product fails to sell to predicted demand levels, CB4 sends an alert to the store manager, highlighting the floor execution issue and suggesting ways to fix it. Retailers using CB4's software see a 0.5-2% increase in net new sales, improved customer experience, and increased product findability.
CB4 CEO Yoni Benshaul said, "We've witnessed extraordinary growth in the last few years, and we've seen some of the world's largest retailers successfully adopt our software to improve their store execution. We're committed to these partnerships and will continue to nurture and grow them as we expand our service offerings and client base." Octopus Ventures partner Eyal Pabinovich said, "You read a lot about ecommerce giants, but online sales account for just 14% of the total retail market share. This leaves a huge opportunity for brands that can provide a better and more efficient shopping experience to their customers. The demand for easy-to-integrate and easy-to-use technologies with proven ROI has never been greater. We led this round because CB4 has a proven track record of providing retailers with just that."
Published by Globes, Israel business news - en.globes.co.il - on March 28, 2019
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