Invent Analytics, a Philadelphia artificial intelligence retail startup, has raised $17 million and is seeking to double its revenue this year after doing so last year, writes Ryan Mulligan for the PHL Inno. 

The company’s platform uses data and AI to help retailers forecast, inform pricing, manage their supply chain and their inventory. 

The overall goal is to help companies optimize their profits.

Invent Analytics was founded in 2013 by Gurhan Kok, who earned his Ph.D. from the University of Pennsylvania.

With a headcount of about 300 with offices in Center City, London, Istanbul, Amsterdam, and Dubai, Kok noted that the additional funding will go in part toward adding to the Invent Analytics team with “the biggest focus” on the Philadelphia-based team.

The Series B funding was led by Los Angeles-based LFX Venture Partners, with participation from existing investors European Bank for Reconstruction and Development, and Collective Spark. 

Kok said that Invent Analytics has become more in demand due to high rates and inflation, causing retailers to look for ways to conserve cash and increase profits wherever possible. 

“Big retailers, enterprise retailers are looking for AI solutions that could help them make better decisions to be more profitable,” Kok said. 

Read more about Invent Analytics and its latest round of funding in PHL Inno.

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