RetailNext, an IoT retail analytics provider, has secured a strategic equity investment from Singapore-based EDBI.
EDBI invests in knowledge and innovation-intensive sectors such as Smart & Sustainable Technology (SST), Biomedical Sciences (BMS), and ICT.
"The opportunity to bring EDBI into our business allows us to leverage not only its deep understanding of the Singapore and APAC regional operating environment but also its extensive technology expertise and industry knowledge as RetailNext aggressively captures new business opportunities in the region's retail industry,” said Alexei Agratchev, co-founder and chief executive officer of RetailNext.
Swee-Yeok CHU, chief executive officer and president of EDBI, said RetailNext’s integrated full-suite platform with advanced real-time monitoring analytics solutions will help improve businesses' sales performance, productivity, and operational efficiency.
“EDBI is pleased to support RetailNext's growth strategies to extend its footprint in Asia as it builds its data innovation and software development activities in Singapore,” he added.
In partnership with Newstead, RetailNext has added @Notebook to its portfolio of retailing customers in the Asian-Pacific region.
@Notebook operates a chain of IT concept stores across Singapore for brands like Asus, Dell, Lenovo and HP.
Sin Hin Wong, head of APAC at RetailNext, revealed that store deployments have grown over 300 percent in the last 12 months, and the expansion opportunities have led RetailNext to more than double the size of its regional offices headquartered in Singapore.