invent.ai Announces 2024 Growth Highlights
PHILADELPHIA — Sept. 10, 2024 — invent.ai a global retail planning solutions provider, announces accelerated business growth for 2024, reflecting rising demand for AI-driven, profit-optimizing inventory solutions across the retail industry. Notable highlights include securing $17 million in Series B funding, broadening its team of retail experts and data scientists, expanding partnerships with leading retailers, and earning multiple industry award recognitions. invent.ai predicts momentum to continue in 2025 as the company explores new opportunities to innovate with clients and partners.
invent.ai is a leading provider of AI-powered SaaS solutions for demand forecasting, inventory planning, replenishment, allocation, returns positioning, and pricing. In April, the company announced $17 million in Series B funding, led by LFX Venture Partners, an investor that invests in technology-driven solutions that are designed to address age-old problems within the global supply chain. invent.ai has since added LFX’s Managing Partner, John Seung, to its Board of Directors, alongside Jeff Smith, an industry veteran with extensive experience in AI-powered solutions for retail.
In addition to the new board members, invent.ai added new talent to enhance both its sales team and data science team. The company also appointed two new executives, promoting Lance Menuey, former VP of Strategic Accounts, to VP of Sales, and hiring Patty McDonald as VP of Marketing.
"invent.ai was designed with AI at its core, which is highly appealing to data scientists and analytical minds. While other solutions are working to attach AI to existing platforms, our platform was built on AI from the start. This forward-thinking approach not only enhances our capabilities but also strengthens our team, as demonstrated by our recent appointments and new hires,” said Tav Tepfer, Chief Revenue Officer, invent.ai. “These additions further reinforce our commitment to driving innovation and delivering exceptional value to our clients."
Throughout 2024, invent.ai also established new relationships and expanded existing partnerships with leading retailers, including Tailored Brands, the parent company for Men’s Wearhouse and Jos. A. Bank, Famous Footwear, Academy Sports + Outdoors, Five Below, and GNC. From new partnerships to expansions, invent.ai is now a trusted partner for over 50 global retail chains, helping to optimize inventory across stores and distribution centers (DCs).
In recognition of its successful partnerships, invent.ai was named a winner of the 2024 100 Great Supply Chain Partners Award by SupplyChainBrain, which spotlights companies that provide outstanding solutions, services, and continuous value to their customers’ supply chains. Additionally, Supply & Demand Chain Executive and Food Logistics magazines named invent.ai a winner of the 2024 Top Supply Chain Projects award for helping a multibillion-dollar discount retailer leverage AI to optimize inventory and store replenishment, resulting in higher sales, better inventory turns, reduced inventory levels, and maximized profit margins. invent.ai was also honored for its technology, winning “Return Management Innovation of the Year” in the 2024 RetailTech Breakthrough Awards for its AI-driven Returns Positioning solution.
“At invent.ai, we’re extremely proud of everything our team has accomplished this year and of where our company is today. Our growth is a testament to the retail industry’s evolving mindset around inventory optimization, with innovative retailers moving away from outdated, human judgment-driven processes toward modern inventory solutions powered by AI,” said Prof. Gurhan Kok, Founder and CEO of invent.ai. “In the year ahead, we’re excited to further our mission in helping retailers maximize profit margins, enhance employee experiences, and foster customer loyalty in the omni-channel world.”
In 2025, invent.ai will unveil a rebrand reflecting its commitment to evolution and innovation. The rebrand will feature a modernized logo, updated visual elements, and a refined messaging strategy designed to align with its forward-thinking approach. This transformation embodies invent.ai's dedication to embracing new opportunities and enhancing its connection with clients and partners.
For more information about invent.ai, visit www.invent.ai
About invent.ai
invent.ai is a global retail inventory optimization solutions provider that helps leading retailers accelerate their omni-aware complexities by using profit-optimization models for demand forecasting, allocation, replenishment, returns, and markdowns, powered by AI with advanced analytics. It has been named as a representative vendor in Gartner 2024 Market Guides, including Retail Unified Price, Promotion, and Markdown Optimization Applications — Short Life Cycle, and for Retail Forecasting, Allocation and Replenishment Solutions.