Celect, a US-based retail analytics platform backed by NGP Capital, a venture capital offshoot of communications technology producer Nokia, has been acquired by sportswear brand Nike for an undisclosed sum.
Founded in 2013 as a spinout of Massachusetts Institute of Technology (MIT), Celect has built a cloud-based predictive analytics platform for retailers and brands that exploits data science and software engineering to forecast consumer demand and facilitate stock ordering schedules.
Nike is buying Celect to enhance its global customer service efforts and will bring the the company’s employees into its global operations team. Celect’s academic co-founders will offer consulting services to Nike while returning to their tenured MIT positions.
The company had raised about $30m in total. NGP Capital led Celect’s $15m series C round, which was closed in December 2018 with backing from family office Fung Capital, venture capital firm August Capital and investment firm Activant Capital – all existing investors.