Hivery, a startup that provides retailers with AI-powered product placement optimization software, today announced that it has raised $30 million in a Series B round led by Tiger Global. The round also included participation from Blackbird Ventures, AS1 Growth Partners, and OneVentures.
Hivery’s platform uses machine learning to analyze historical sales data, customer behavior, and other factors to recommend optimal product placement for retailers. The company claims that its software can help retailers increase sales by up to 10%.
Hivery’s software is used by a variety of retailers, including grocery stores, convenience stores, and pharmacies. The company’s customers include some of the world’s largest retailers, such as Walmart, Kroger, and CVS Health.
The fresh capital will be used to fuel Hivery’s growth and expand its product offerings. The company plans to hire more staff, open new offices, and develop new features for its platform.
“We are thrilled to partner with Tiger Global and our other investors to help us achieve our mission of helping retailers succeed,” said Jason Hosking, CEO of Hivery. “With this new funding, we will be able to accelerate our growth and expand our product offerings to help even more retailers optimize their product placement and increase sales.”
Tiger Global’s investment in Hivery is a sign of the growing interest in AI-powered retail technology. As retailers increasingly look to digital solutions to improve their operations, Hivery is well-positioned to capitalize on this trend.