Singuli -- ML-powered inventory optimization platform -- announces $3.7 million Seed round led by Harlem Capital
Lets retailers use consumer behavior to inform inventory decisions leading to fewer stockouts and higher margins
NEW YORK, July 28, 2021 /PRNewswire/ -- Singuli, Inc. announced today that it has closed a $3.7 million seed round. The company, founded in 2019, provides planners, merchants, marketers and finance teams in modern retailers with an AI-enabled platform to make smarter decisions about inventory.
The round was led by Harlem Capital, with participation from High Alpha Capital, AVG Basecamp Fund, and existing investors Interlace Ventures and LAUNCH. These institutions were joined by angel investors including Paul Goodman (co-founder of Pura Vida Bracelets) and Darwish Gani (co-founder of Pangaea). The funding also included a previously unannounced pre-seed round of $700k.
Benjamin Kelly, CEO and co-founder, said "After working as a data scientist in the consumer space for nearly a decade, I saw the obvious need for a new approach to inventory, from algorithms to tools. Retailers face simultaneously a discerning & fickle consumer, and the constraints of a highly complex & interrelated global supply chain. Staying on top of demand & supply forecasts is a massive challenge for retailers and opportunity for us at Singuli."
Jarrid Tingle, Managing Partner at Harlem Capital and new board member explains, "Betting on Ben and the Singuli team was a no-brainer. We love Ben's background as the first data scientist at Birchbox, the company's traction to-date, and their vision of providing world class inventory tools to SMBs which will drive efficiencies and cost savings." Singuli stands out from other inventory management tools through its forecasting logic, helping brands through everything from normal seasonal inventory changes to the flash sales and mass customer purchases driven by influencers and social media. Eric Tobias, Partner at High Alpha said "We're thrilled to be backing Ben and the Singuli team as they redefine how ecommerce merchants manage inventory. This is a pain we've felt personally and are continually impressed with the Singuli team's deep AI and data science background, which gives them a completely new approach to inventory optimization."
The company works with a number of e-commerce & omni-channel retailers operating across categories including apparel, footwear, jewelry and home accessories. David Chernow, Co-Founder at BRUNT Workwear said, "Early at BRUNT we explored forward thinking solutions to bring smart automation and data science to our inventory planning. We've been impressed with the Singuli platform & team so far, not only as it relates to replenishment, but also as their platform helps us de-risk upcoming items in the assortment."
The team plans to use the funds to grow their R&D team including engineering and data science; as well build out their go-to-market operations; see https://angel.co/company/singuli/jobs.
Retailers looking for fewer stockouts and interested in how Singuli can transform your business, sign up at https://singuli.co/.
About Singuli
Singuli is a platform to help retailers optimize inventory (from initial buys to reorders, markdowns and everything in between). Founded by two PhDs with a decade of retail experience, the approach is based on new machine learning models that are tied to modern retail datasets including cohort behavior, site traffic, marketing events as well as detailed product attributes.
SOURCE Singuli, Inc.
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