Vedalabs, one of its kind startup, which helps retailers move more inventory and make informed decisions by real time store level insights, has secured an undisclosed amount as part of its pre-Series A round from Satin Neo Dimension, an end-to-end retail store solutions provider.
The deal will transfer Satvinder Singh, founder of Satin Neo Dimensions, to Vedalabs as its board member.
The Gurugram-based startup, that helps retail stores, will use the infused funds to expand its product capabilities into intelligent store fitouts as well as scale the current products to store level analytics.
While, Veer Mishra, co-founder and CMO at Vedalabs said that the areas that the company will focus on after the fund raise include technology and IP, sales expansion, as well building a more granular and vertical-centric product.
Vedalabs was founded by Veer Mishra, Ashutosh Mishra, Vivek Singh, Saurabh Shandilya and Saurabh Yadav in 2018. It is an AI platform that helps retailers move more inventory and make informed decisions by real time store level insights.
As per the company’s website, with deep expertise in AI, computer vision, as well as retail technology space, Vedalabs makes it possible for retailers to understand footfall, as well as gives an overview of demographics, repeat count, and more deep insights so as to make more informed decisions at a lower cost but with higher accuracy.
Whereas, Satin Neo Dimension was founded by Satvinder Singh in 2012. It is a Gurugram-based multi-disciplinary Environmental Design Solutions company, providing cutting-edge brand and product display solutions across India.
It was founded with an aim to deliver holistic multi-disciplinary Environmental Design Solutions that would help India’s leading brands reinforce their supremacy in the increasingly competitive retail environment.
“This investment will help us scale our team and current sales pipeline in order to establish a market dominance. With Satin’s strong background in retail vertical, we aim to use their knowledge and existing relationships with brands, to scale our product and sales,” added Veer.