Highlights:
- Netail, a platform that auto-identifies competitors online and tracks their assortments, availability and pricing in real time, raised $5 million in seed funding recently.
- Netail founded in 2022 as part of Landing AI, will now develop its groundbreaking artificial intelligence (AI) technology in Pittsburgh, home to Carnegie Mellon University and a technology hub, while retaining its presence in Palo Alto.
Netail, a platform enabling businesses to auto-identify competitors throughout the internet, follow their assortments availability and optimize prices in real-time, announced the closure of $5 million in seed fundraising. The financing was co-led by Dr. Andrew Ng’s AI Fund and Magarac Venture Partners (MVP), which offers early-stage venture funding to dynamic entrepreneurs and successful technology firms in the Midwest. The other businesses that invested included HKSTP Ventures.
Most buying decisions are now made via search engines, online marketplaces and social media. Netail’s AI technology is meant to help retailers thrive by attracting, converting and retaining consumers in these increasingly competitive digital arenas, where businesses fail to adapt! Retailers want real-time data and decision-making to comprehend product positioning.
Netail, founded in 2022 as part of Landing AI, will now develop its ground-breaking artificial intelligence (AI) technology in Pittsburgh, the location of Carnegie Mellon University and a hotspot for technology while maintaining its presence in Palo Alto. The most recent fundraising round for Netail will be utilized to strengthen current product offerings and expand the company’s workforce of retail, AI and software engineers. Additionally, Netail will use MVP’s extensive Midwest ties to gain consumers, develop talent and recruit new partners.
Netail will expand to the APAC area by establishing a new office at the Hong Kong Science and amp; Technology Park. The company now serves clients across three continents. Netail is well-positioned to assist retailers in capturing the global digital customer because of AI Fund’s extensive subject knowledge and international expertise.
Netail CEO Mark Chrystal says, “As shopping has been transformed, retailers need to recognize that their competitive universe has expanded a thousand-fold, and as a result, competitive pricing, features, availability, and convenience are central to a daily battle to win every customer. That’s what Netail focuses on, helping retailers worldwide stand out digitally against the competition.”
According to Statista, U.S. retail e-commerce sales will surpass $7.9 trillion in 2026. Netail’s investment coincides with this optimistic prediction. The value of retail sales in the United States alone was $6.58 trillion in 2017. By 2025, the proportion of e-commerce sales to the total retail sales in the United States is projected to rise to approximately 22%, versus the current 14%.
Andrew Ng, the CEO of Landing AI and now the Chairman of Netail says, “Under Mark Chrystal’s leadership, Netail has developed a compelling product that is helping retailers adapt to the rapid shifts in consumer behavior we’ve seen in the past few years. To help win and retain the modern consumer, many of whom now make online and offline purchases using online search and marketplaces, Netail’s analytics solution delivers deep customer and market visibility. It provides data to help retailers optimize key decisions in assortment, buying, merchandising and pricing.”
Jay Katarincic, Partner at Magarac Venture Partners, says, “Netail is uniquely positioned to tackle today’s retail landscape with the team’s extensive background in AI and understanding consumer behavior. We are thrilled to partner with Mark and Andrew on this next stage of the company.”