‘Built for Retailers by Retailers’: Profitmind Raises $9 Million to Scale AI Decision Making

A longtime retail operator-turned-tech CEO is betting that agentic AI tin regenerate spreadsheet-heavy readying by turning marketplace information into weekly, profit-linked merchandising decisions.

“Built for retailers by retailers,” touts CEO and co-founder Dr. Mark Chrystal, regarding agentic AI-powered retail determination quality level Profitmind which has raised $9 cardinal successful a Series A financing circular led by Accenture Ventures.

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The backing volition beryllium utilized to standard the level to much retailers globally, grow its merchandise capabilities and prosecute further staff.

Prior to the round, 12 retailers crossed apparel, footwear, car parts and location goods signed up to usage the platform. But the institution present has 100 merchants that person expressed involvement successful leveraging the technology, which assists retail teams successful making decisions crossed terms optimization, merchandising, assortment readying and marketing.

Profitmind is designed to regenerate manual retail readying and investigation cycles that tin often see tedious Excel spreadsheets. According to Chrystal, the tech solution is helping thrust merchandising decisions for retailers ranging from $20 cardinal to $100 cardinal successful yearly revenue.

“We request merchants who recognize product, fabric, sourcing and the customer. They shouldn’t person to beryllium an Excel expert,” Chrystal told Sourcing Journal. “My ngo with Profitmind is to get teams retired of Excel, and get them retired of this investigation and information wrangling. Expert merchant with adept AI equals a overmuch amended effect for the business.”

The solution is built to scour the Internet, including e-commerce websites, to analyse competitory merchandise matches, marketplace data, hunt patterns, assortment accusation and more. Upon collecting this data, Profitmind leverages agentic AI powered by ample connection models to identify, quantify and prioritize marketplace opportunities.

To footwear disconnected each week, Profitmind takes this information and provides retail teams a ranked acceptable of recommended actions, specified arsenic terms changes, promotion adjustments, inventory moves oregon assortment shifts—all tied to expected interaction connected sales, nett and moving capital.

Once decisions are made connected Profitmind’s recommendations, they are exported into execution tools, wherever results are tracked and measured to assistance amended aboriginal recommendations.

The institution launched its archetypal AI cause with a Netherlands-based retailer successful summertime 2023, earlier officially debuting publically successful January 2024.