US-based retail analytics technology developer Celect has completed a $15m series C round led by NGP Capital, the venture capital firm spun off from communications technology producer Nokia.
Family office Fung Capital took part in the round together with investment firm Activant Capital and VC firm August Capital.
Founded in 2012, Celect has launched a cloud-based predictive analytics platform called Inventory Optimization Suite that allows retailers and brands to forecast buying trends so they can adjust stock merchandising, allocation and fulfilment schedules accordingly.
Celect is a spinout of Massachusetts Institute of Technology. Its technology can be applied to both online and brick-and-mortar businesses, and has already been used by apparel brands including Aldo, Polo and Urban Outfitters.
The series C capital will go to recruitment across engineering and sales, as Celect looks to enhance its technology and build its market share. Upal Basu, general partner at NGP Capital, and Janie Yu, partner at Fung Capital, have both joined the company’s board of directors.
Celect closed a $10m Activant-led series B round featuring Fung Capital and August Capital in February 2017, after a $5m series A round in 2015 that was led by August Capital and backed by Activant. It also issued $50,000 in convertible promissory notes to undisclosed investors in 2013 according to a securities filing.