Israel's STOREE, which develops a technological system for automatic management of retail chain stores organizational operation, has completed a seed round of $8 million, the company announced Thursday.
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American jewelry retailer Signet Jewelers participated in the round.
Established by Asaf Shapira, Idan Sergi, and Chen Cohen in 2016, STOREE operates in the field of data sciences and business intelligence. The product advances retail chains operation enabling technological functions such as store storage regulation, exhibition spaces advancement, sales amplification, and automatic tasks formation for the organization's employees.
"The COVID-19 crisis constitutes an exceptional opportunity for STOREE due to the growing demand for long-distance stores management and lack in human resources employed prior to the pandemic … Our product offers an algorithm for business management according to different factors, eventually allowing retail stores to follow Gett's and Uber's influence in the taxi sector. We believe that the automation provided by STOREE will cause the needed change in the retail world," said STOREE co-founder Asaf Shapira.
