Exclusive: Accenture Takes Stake in Profitmind

The companies declined to specify the size of the investment, though it is believed to beryllium a significant, minority, non-controlling stake.

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The investment, made done Accenture Ventures, is geared to further grow Accenture’s existing information and AI capabilities successful retail, “enabling clients to span the spread betwixt insights and action.”

The concern besides furthers the maturation imaginable of Profitmind by providing it with a way to Accenture’s lawsuit base. Accenture has a planetary scope with much than 900 retail clients.

“In retail, AI is reinventing however radical shop, however businesses run and however employees work,” said Jill Standish, Accenture’s planetary retail lead, successful a statement. “Retailers are navigating relentless disruption, and obscurity is the interaction much acute than successful merchandising, often considered the bosom and psyche of retail. But executives are overwhelmed by monolithic amounts of data, reports and spreadsheets, leaving small clip for effectual decision-making. Profitmind bridges the spread betwixt penetration and enactment done AI. It mirrors however retailers tally their businesses, connecting pricing, inventory, promotions, and assortment into clear, prioritized recommendations that tin beryllium trusted and executed with the faster effect needed successful an progressively competitory field.”

“This concern with Accenture is truly astir present scaling and taking the level overmuch broader,” said Dr. Mark Chrystal, co-founder and main enforcement serviceman of Profitmind. “We’ve got astir a twelve customers close now, ranging from $100 cardinal down to $20 cardinal successful size but present we’re acceptable to scale.”

He declined to specify the retail clients. “We deliberation we were the archetypal to make an agentic platform, surely for retail, and truthful we’ve been spending a batch of clip testing, validating, making definite the level works,” helium said.

Before Profitmind, Chrystal worked for galore years successful retail, including arsenic an enforcement astatine Rue 21, American Eagle Outfitters, David’s Bridal, and The Disney Store, serving successful planning, marketing, technology, analytics, allocation, proviso concatenation and e-commerce roles astatine antithetic times.

“The bundle manufacture is truly bully astatine processing constituent solutions that bash 1 thing, similar terms optimization, oregon replenishment, oregon allocation, oregon immoderate precise circumstantial application. But it didn’t substance what solutions I brought to the retail teams due to the fact that they inevitably ended up backmost successful Excel spreadsheets to marque their decisions,” said Chrystal.