Celect Grabs $10M for Retail Inventory Software Based on MIT Tech
Celect has raised $10 million to help retailers manage their inventory using machine learning tools originally developed at MIT.
Celect’s cloud-based software uses predictive analytics to help retailers more effectively manage their inventory of products in physical stores, listed online, and across the supply chain. Celect says it can help retailers better understand consumer buying patterns and goose their revenues through “optimized” product assortments and order fulfillments.
The Boston-based startup was formed in 2012 by two MIT professors: Vivek Farias, the company’s CTO, and Devavrat Shah, its chief scientist.
Celect’s chief executive is John Andrews. He was previously an executive at Endeca and then at Oracle, which bought the enterprise search and e-commerce tech company for over $1 billion in 2011. Celect’s advisory board includes Endeca founder Steve Papa.
Celect has 30 employees and intends to hire another 60 people or so over the next few years, the Boston Business Journal reported.