EDBI, the investment arm of Singapore’s Economic Development Board (EDB), has made a strategic equity investment into California-based RetailNext Inc.,a retail-oriented IoT platform that conducts shopper analytics through a centralised SaaS platform.
According to Crunchbase data, RetailNext has raised an aggregate of $184 million in equity financing across five rounds from 10 investors, with its last two investments being a $125 million Series E round led by Activant Capital in April 2015 and a $30-million Series D round led by Nokia Growth Partners in July 2014.
With a strategic focus on delivering IoT solutions to retailers in the Asia Pacific (APAC) region, Sin Hin Wong, head of APAC at RetailNext, shared: “Store deployments have grown over 300 percent in the last twelve months, and the expansion opportunities have led RetailNext to more than double the size of its regional offices headquartered in Singapore.”
According to the shopping analytics firm, its real-time monitoring solutions analysing consumer behaviour will contribute to a superior shopping experience and add to operational efficiency of retail operators.
The investment will support RetailNext’s growth strategies for extending its Asian footprint, as well as finance the development of data innovation and software development activities in Singapore.
As part of its efforts to establish and deepen its Singapore footprint, RetailNext has also partnered with local IT retailer Newstead Technologies, adding @Notebook to its rapidly growing portfolio of retailing customers. @Notebook operates a chain of IT concept stores across Singapore for brands like Asus, Dell, Lenovo and HP.
Alexei Agratchev, co-founder and chief executive officer of RetailNext, said, “The opportunity to bring EDBI into our business allows us to leverage not only its deep understanding of the Singapore and APAC regional operating environment, but also its extensive technology expertise and industry knowledge as RetailNext aggressively captures new business opportunities in the region’s retail industry.”