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Adeptmind Announces $6.2M in Series A Funding

March 6, 2021

Innovative Retail Solution Provider Will Use Funding To Accelerate Technology To Help Retailers And Shopping Centres Drive Digital Discovery

June 3, 2021, TORONTO, ON — Today Adeptmind, a leading AI retail technology company creating advanced digital discovery solutions for retailers and shopping centres, announced a $6.2M USD Series A investment.

This raise is led by Boston-based VC firm Innospark Ventures. It includes support of A/O PropTech and PiLabs, as well as an investment by leading beauty retailer, Ulta Beauty. The funding will accelerate the research and development of new tools that will amplify personalization and shopper intent, enhance marketing, and drive innovation for the underserved physical shopping experience.

Since launching in 2017, Adeptmind’s technology has been adopted by more than 400 retailers and property owners to offer customers more convenient ways to browse, discover and shop at their favourite shopping destinations, both in-store and online. This includes industry leaders: Bayer Properties, Cadillac Fairview, Centennial REIT, Decathlon, Hammerson, U.S. Polo Association and Ulta Beauty Inc.

“While Covid-19 has greatly accelerated the adoption of online shopping, it has also highlighted the benefits that come with shopping in-store. In the post-pandemic world, shoppers will demand a new form of retail that merges the physical shopping experience with the convenience of e-commerce,” said G Wu, CEO and co-founder of Adeptmind. “Our mission is to use AI to bridge the gap between digital discovery and physical commerce by unlocking advanced customer-intent data that brings the context of physical shopping to the online world.”

Adeptmind’s technology helps retailers and shopping centres:

  • Bring Real Life to Online. Ecommerce sales are expected to make up 15.5% of the $5.856 trillion in total retail sales this year[1]. While e-commerce is growing, nearly one in three online orders are returned.  This is because the benefits of touching and feeling products are lost when shopping online.  Using AI, Adeptmind brings key purchase decision points online. For example, when searching for a lawnmower ‘that is easy to push’ or sunscreen ‘that protects but feels light.’ Adeptmind’s advanced digital search tools mine customer-intent data to provide additional context to search terms that help online shoppers not only find a snowblower but a snowblower that is ‘easy to push.’ The multitude of online sources, includes online customer reviews, social media and influencer content, among others.
  • Digitize Physical Shopping. Adeptmind allows shoppers to search one website or app to discover what items are available near you– one mall, city centre, shopping avenue at a time– and purchase items for shipment, same-day delivery, or curbside pick up. This blends the convenience of e-commerce with the uniqueness of physical shopping and transforms the shopping centre or district into a digital marketplace that engages online shoppers and provides the convenient delivery options traditionally enabled by e-commerce.
“E-commerce has changed the way people shop,” said Othmane Zrikem, CDO of A/O PropTech. “Some in the commercial real estate sector have taken this fact fatalistically, but Adeptmind is flipping it on its head. By leveraging data science to blend the ease of online shopping with the familiarity of the bricks and mortar retail experience, their platform empowers the traditional retailers and mall operators. It’s a win-win for retailer and consumer, and we’re excited to be able to support their journey.”

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