RetailNext, a US-based retail analytics technology producer backed by corporates including payment services provider American Express, raised an undisclosed amount from Singapore state-owned investment fund EDBI yesterday .
Established in 2007, RetailNext has developed technology to provide in-store analytics. The company’s sensors collect data in-store and provide an analysis to help owners optimise the shopping experience.
EDBI, the corporate investment branch of Singapore Economic Development Board, will help RetailNext drive growth across Asia Pacific.
RetailNext previously closed a $125m series E round in April 2015 that featured Nokia Growth Partners, Qualcomm Ventures and American Express, the respective investment units of communications equipment producer Nokia, semiconductor manufacturer Qualcomm and payment services provider American Express.
Activant Capital Group led the series E round, while August Capital, StarVest Partners, Commerce Ventures, Pereg Ventures and Siguler Guff & Company also contributed, bringing RetailNext’s total funding to $184m.
Nokia first invested as part of the company’s $15m series C round in 2013, before returning to take part in a $30m series D round in 2014 that included Qualcomm, American Express and conglomerate Tyco.
Swee-Yeok Chu, chief executive and president of EDBI, said: “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.”