Netail, a platform that enables merchants to auto-identify competitors across the internet and follow their assortments, availability, and prices in real time, announced today the closure of a $5 million seed round. Magarac Venture Partners and HKSTP Ventures co-led the funding.
Consumer behavior has shifted considerably, with the bulk of purchases now being made online through search, marketplaces, and social media. With shops failing to adapt, Netail’s AI technology is meant to help businesses win in these more competitive digital arenas by attracting, converting, and retaining customers. Retailers must use real-time data and decision-making to better understand how products are positioned. Retailers must use real-time data and decision-making to better understand how products are positioned.
Netail, which was founded in 2022 as part of Landing AI, will now develop its groundbreaking artificial intelligence (AI) technology in Pittsburgh, the site of Carnegie Mellon University and a technology hotspot, while maintaining a presence in Palo Alto. The latest amount of funding for Netail will be utilized to improve current product offerings and expand the company’s current workforce of retail, AI, and software experts. Furthermore, Netail will use MVP’s extensive Midwest ties to gain consumers, develop talent, and attract new partners.
Netail, which now has customers on three continents, will expand to the APAC area by building an office in the Hong Kong Science & Technology Park. Netail is set to assist merchants win the digital customer around the world with AI Fund’s broad domain and international expertise.
Netail’s funding comes at a time when Statista predicts that retail e-commerce sales in the United States would exceed $7.9 trillion by 2026. Retail sales in the United States alone were valued at $6.58 trillion last year. E-commerce sales now make up more than 14 percent of total retail sales in the United States, and this figure is expected to climb to about 22 percent by 2025.