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Nexite raises $67 million Series C for connected merchandise platform

Nexite raises $67 million Series C for connected merchandise platform

The Israeli startup’s platform comprises battery-free, long-range communication technology that provides a continuous stream of data, automatically and in real-time

Meir Orbach | 13:48  11.05.2022

Nexite, which has developed a data platform for real-time in-store intelligence, announced on Wednesday that it has raised a $67 million Series C investment led by Pitango Growth and Saban Ventures, with participation from existing investors Battery Ventures, Intel Capital, Pitango First and Vertex Ventures. This round brings the company’s total funding to $100 million.

Nexite didn’t reveal its valuation in the round, but said it has increased five-fold since its previous funding round. The company currently employs 72 people and plans to increase that number to 100 in the coming year.

Anat Shakedd. Anat Shakedd. Anat Shakedd.

Founded by Anat and Lior Shakedd, Nexite has developed a data platform connecting physical merchandise to the cloud, enabling brands to increase in-store revenue with real-time sales funnel analytics traditionally used in eCommerce. With data aggregated from a product’s location, availability and performance and aligned to customer journey behavior, Nexite provides actionable insights to help maximize store sales per square foot. The company’s patented battery-free NanoBT (Bluetooth) tag is attached to merchandise, delivering frictionless customer experiences, including secure mobile self-checkout, seamless returns and seamless click-and-collect, driving omnichannel sales and enhancing the customer’s in-store experience.

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“We’re providing complete transparency into the physical sales funnel and by doing so, we’re creating a lexicon for in-store intelligence to optimize sales per square meter based on customer engagement data,” said Anat Shakedd, co-founder and CEO at Nexite. “We’re introducing terms normally associated with eCommerce like abandonment, engagement and conversion into the physical realm. This type of data has never before been accessible and now it’s paving the way for retailers to navigate digital together with brick-and-mortar commerce.”

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