CB4 Raises $16 million series B to further deliver AI software to brick & mortar retail
Retail operations and IT teams improve floor execution and customer experience through CB4’s pattern-recognition AI software
CB4, an AI software company for brick and mortar retail teams, announced their completed series B for $16M. The round was led by Octopus Ventures with the participation of Sonae IM and existing investors Sequoia Capital and Pereg Ventures.
Octopus Ventures is one of Europe’s largest Venture Capital teams, with successful exits from Microsoft, Twitter, Amazon, and Google. “You read a lot about ecommerce giants, but online sales account for just 14% of the total retail market share,” said Eyal Rabinovich, a partner at Octopus. “This leaves a huge opportunity for brands that can provide a better and more efficient shopping experience to their customers. The demand for easy-to-integrated and easy-to-use technologies with proven ROI has never been greater. We led this round because CB4 has a proven track record of helping retailers do just that.”
CB4’s software uses machine learning and advanced AI algorithms to identify high local demand for specific products in stores. When a product fails to sell to predicted demand levels, CB4 sends an alert to the store manager, highlighting the floor execution issue and suggesting ways to fix it. Retailers using CB4’s software see a 0.5-2% increase in net new sales, improved customer experience, and increased product findability.
CB4 provides a patented software solution for brick and mortar retailers that increases net new sales by up to 2% using simple sales data. The software requires no in-store hardware and most customers are up and running in a single day. Founded in Israel by Professor Irad Ben-Gal, head of the AI Lab at Tel Aviv University and Chairman of CB4, and Dr. Gonen Singer GM of the Israeli branch, CB4 has offices in New York, London, & Tel Aviv, and is a proud partner of Octopus Ventures, Sequoia Capital, Sonae IM, and Pereg Ventures.