The Düsseldorf AI company aifora enables retailers to make the right pricing and inventory management decisions even in the uncertain times of COVID-19 with its SaaS solutions. NRW.BANK and Capnamic Ventures are investing additional capital.
Düsseldorf, 27.05.2020 – On May 5, 2020, the NRW Bank will become an investor in the Düsseldorf-based start-up aifora. Capnamic Ventures, an investor in aifora since 2018, has also increased its investment in the young company. The total investment is in the 7-digit range.
NRW.BANK joins as a new investor
In order to meet the increased demand for AI solutions in retail, NRW.BANK is investing in the aifora Retail Automation Platform. The young company will use the capital to finance its further growth and drive forward product development. “We want to support aifora in equipping retailers from the fashion & lifestyle industry for digitalization and preparing retailers for disruptions in the long term,” says Thorsten Reuter, team leader for digital economy and technology in the Venture Capital/Early Phase department of NRW.BANK.
“Our mission is to preserve diversity in the retail industry by providing retailers with the tools they need to data-drive their business. In this way, we bring retailers back on an equal footing with Amazon & Co.” says Thomas Jesewski, co-founder & CEO of aifora GmbH.
Support for retailers in times of COVID-19
Due to COVID-19-related store closures and weakened consumer sentiment, the retail industry is currently suffering from an enormous decline in sales. There is also a high level of uncertainty in the market.
With its predictive analytics capabilities and a team of data scientists and retail experts, aifora helps retailers come out of the Corona Crisis stronger. Thanks to machine learning algorithms, aifora is able to precisely forecast future consumer demand and simulate various scenarios. In times when people are panicking, aifora’s AI solutions make objective, data-based decisions – and do so at a speed and level of precision that is not possible by humans.
aifora continues to grow
“We are pleased to have gained a new, competent investor with the NRW.BANK. Also, the fact that our existing investor, Capnamic Ventures, is investing in us again, despite the current difficult situation, proves that we are on the right track with our solutions”, says Felix Finger, CFO/COO of aifora. In November 2018, Capnamic Ventures invested 3 million Euro Seed Funding in the start-up.
Jesewski looks positively to the future: “With the capital received from NRW.BANK, we will continue to pursue our mission and drive forward our product development in a stronger position. Retail will not die out, it will just look different in the future.”