Israel-based STOREE Completes $ 8 Million Funding Round for Operation of Artificial Intelligence-Operated Retail Stores

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2021-08-04

TEL AVIV, Israel, August 4, 2021 / PRNewswire / – Israel-based STOREE, which has developed a technological system for automatically managing the organizational functioning of retail chains, today announced a $ 6.8 million raise funds and complete a round of seeds of about $ 8 million. The cycle was led by private investors as well as retail and consumer stores, including US jewelry company Signet Jewelers. The funds will be used to expand the activities of the Company by Israel and abroad.

Created by Asaf Shapira, Idan Sergi, and Chen Cohen, the Company has developed a technological warehouse management system enabling automatic, intelligent and efficient operation of sales teams and exhibition spaces. Founded in 2016, STOREE operates in the field of data science and business intelligence. The product advances the operation of retail chains by enabling technological functions such as regulation of in-store storage, advancement of exhibition spaces, sales amplification and automatic task training for employees of the store. the organization. These reduce the need for human resources, allowing significant monthly savings for each channel. All tasks are performed using traditional artificial intelligence solutions based on intelligence. The Company has chosen to focus on the development of computerized intelligence as a support tool for a variety of executives of different ranks and to affect the management decision-making process.

The technology developed by the Company is based on existing customer data consisting of sales history, storage of available products and customer bank, bringing together the problems and shortages that arise from this data. In addition, the technology enables optional product presentations and examines the implications of such testing on future sales, thereby improving sales.

Oded Edelman, Chief Digital Innovation Advisor – Signet Jewelers and President of JamesAllen.com – who participated in the current tour de table:

“Retail chains need to ensure that their stores will benefit from operations similar to online websites and cover the gap between physical and online shopping arenas. Large global chains need technology. which will enable the use of their accumulated big data, enabling quality data analysis and extracting insights to advance the customer experience. We recognize STOREE’s ability to fill this gap and are excited to become their partners. “

Ido Barak, Sales Department of Estée Lauder Israel operating around 600 points of sale and one of STOREE’s customers:

“We congratulate the cooperation with the young startup over the past two years. STOREE’s technology allows us to advance communication with all our retail stores through an intelligent digital method automatically exploited according to our DNA, enabling the different brands we own Reach the Highest Level Looking ahead, we have realized that this type of technology meets our unique needs and enables growth.

Asaf Shapira, co-founder and CEO – STOREE:

“The COVID-19 crisis is an exceptional opportunity for STOREE due to the growing demand for remote store management and the lack of human resources employed before the pandemic. I am delighted to report the current priming round. This tour is proof of the demand for operational technologies in the retail sector. Our product offers an algorithm for managing business based on different factors, possibly allowing retail stores to track the influence of Gett and Uber in the taxi business. We believe that the automation provided by STOREE will bring about the necessary change in the retail world currently relies on a thick human chain of managers to deliver information in the old-fashioned inefficient way via email and WhatsApp . ”

About the company

STOREE was founded in 2016 by Asaf Shapira, Idan Sergi and Chen Cohen, and currently employs 22 people. Today it operates in 35 retail and consumer chains across Israel and Europe, operating more than 2,500 stores in the clothing, cosmetics, accessories, eyewear and footwear sectors.

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