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Competera

Competera is an artificial intelligence platform that helps online and offline retailers with portfolio pricing using price recommendations on an SKU and full category level.[1][2]

Competera
artificial intelligence platform
Industrypricing, retail
FoundedApril 23, 2014
FounderAlexander Galkin, Andrey Mikhailov, and Alexander Sazonov
HeadquartersKyiv, Ukraine
Websitehttps://competera.net/

Overview

Competera was launched on April 23, 2014. The founders are Alexander Galkin, Andrey Mikhailov, and Alexander Sazonov.[3][4]

The head office is in Kyiv, Ukraine with more offices in California, Singapore, and London.[5]

Funding

Competera received its first venture investment from the SMRK venture fund.[6]

Later, the company raised a total of $3M in funding over 2 rounds.[7]

Competera raised another round of funding on Feb 5, 2019.[8]

In January 2024, Competera announced that it had closed its latest round of seed+ funding for $3M, which was led by the following investors STRATMINDS (a San Francisco-based venture capital firm specializing in applied AI), Flyer One Ventures, Verras Capital, SMRK Fund, Transform Partners Fund, and a group of seasoned angel investors, including Alex Medovoi, the Founder and Chairman of AI Ukraine.[9]

Technology

Competera provides regular repricing, promo and markdown recommendations for omnichannel retailers.[10][11][12][13][14][15]

They are based on 60 pricing and non-pricing factors, customer demand, and individual customer business rules.[16][17]

It uses machine learning technology and econometric practices to allow users to set the correct price for a product in any category or industry.[18][19][20]

Awards

In 2023, Competera Won Best Retail Insights Solution 2023 VIP Awards in the US and the Best Breakthrough Technology Solution at 2023 UK VIP Awards, both presented by Vendors in Partnership and the National Retail Federation (NRF). In 2024, Competera was the runner-up for VIP Challenge Award for AI at the 2024 VIP Awards.[21][22]

In January 2021 Competera was included in Gartner Market Guide.[23][24]

In winter 2020, Competera was featured in the Now Tech Retail Planning report from Forrester Research.[25]

It was recognised as №1 Retail Software 2020 by Crozdesk webservice.

In October 2020 the platform was a winner of Artificial Intelligence Project of the Year.[26]

Also in 2019, the company was listed among the 3 best startups at the Startup Elevate (London).[27][28]

The company received IDCEE award as the Best B2B Startup in 2014.[29][30]

Other websites

References

  1. ↑ Galkin, Aleksandr. "Council Post: From Strategy To Tactics: Why You Need Technology For Better Pricing Execution". Forbes. Retrieved 2021-05-25.
  2. ↑ "How the Ukrainian company Competera grew into a million-dollar business without any outside investments". AIN.UA. 2018-09-11. Retrieved 2021-05-25.
  3. ↑ Team, Startup Info (8 March 2021). "Reinventing Retail Pricing for Global Brands in Times of Uncertainty". Retrieved 2021-05-25.
  4. ↑ Jane. "Stanford Guest Lecturer in Pricing, Ph.D., and Venture Investor Maciej Kraus Joins Competera as Advisor". Retrieved July 6, 2020.[dead link]
  5. ↑ "Venture Investor and Stanford Lecturer, Ph.D. Maciej Kraus Joins Award-Winning AI Startup Competera as Advisor". AiThority. 2020-07-17. Retrieved 2021-05-25.
  6. ↑ "SMRK VC Fund - Crunchbase Investor Profile & Investments". Crunchbase. Retrieved 2021-05-25.
  7. ↑ "Competera - Funding, Financials, Valuation & Investors". Crunchbase. Archived from the original on 2021-05-18. Retrieved 2021-05-25.
  8. ↑ "SMRK VC investor portfolio, rounds & team". startups.eithealth.eu. Retrieved 2021-05-25.
  9. ↑ "Competera Secures $3M Seed to Enhance AI Pricing and Scale Services Supporting Multinational Retailers". competera.net. Retrieved 2024-01-31.
  10. ↑ "The Future Of Retail Is Here: 5 Top-Notch Technologies For Retailers To Profit From". www.retailitinsights.com. Retrieved 2021-05-25.
  11. ↑ "Backcasting: Building an Accurate Forecasting Model for Your Business". KDnuggets. Retrieved 2021-05-25.[dead link]
  12. ↑ Olufisayo (2020-12-08). "Business Efficiency at Lower Costs: 5 Best-Working Steps for Digital Retailers". The Secrets of Entrepreneurship. Retrieved 2021-05-25.
  13. ↑ "How to Stay Competitive During the Covid-19 Crisis – IoEBusiness.com". Archived from the original on 2021-05-21. Retrieved 2021-05-25.
  14. ↑ Mulvenna, Andrew (5 November 2020). "How AI Can Improve Price Optimization Efforts". Total Retail. Retrieved 2021-05-25.
  15. ↑ "Market-Based Pricing Helps E-Tailers Reprice 50% Faster And Get Better Market Coverage". Retail TouchPoints. 2020-08-21. Retrieved 2021-05-25.
  16. ↑ Galkin, Aleksandr. "Council Post: An Experience To Remember: Making Shoppers An Offer They Can't Refuse". Forbes. Retrieved 2021-05-25.
  17. ↑ "20+ Business Management Software & Tools Every Organization Should Use To Streamline Processes & Increase Efficiency". www.designrush.com. Retrieved 2021-05-25.
  18. ↑ "How To Benefit From AI To Win The Market". Retail TouchPoints. 2019-04-24. Retrieved 2021-05-25.
  19. ↑ Mulvenna, Andrew (16 July 2020). "How to Improve E-Commerce Operational Efficiency". Total Retail. Retrieved 2021-05-25.
  20. ↑ "3 Ways To Harmonize the Customer Experience". RIS News. Retrieved 2021-05-25.
  21. ↑ "Competera Recognized Best Retail Insights Solution at the 2023 VIP Awards Presented by Vendors in Partnership and the National Retail Federation". competera.net. Retrieved 2024-01-31.
  22. ↑ "Competera Wins Best Breakthrough Technology Solution at 2023 UK VIP Awards Presented by Vendors in Partnership and NRF". competera.net. Retrieved 2024-01-31.
  23. ↑ "Competera listed as a Representative Vendor in Gartner Market Guide". competera.net. Retrieved 2021-05-25.
  24. ↑ "Украинскую Competera включили в авторитетный справочник Gartner Market Guide". Vector (in русский). 2021-01-27. Retrieved 2021-05-25.
  25. ↑ "Now Tech: Retail Planning, Q4 2019". www.forrester.com. Retrieved 2021-05-25.
  26. ↑ "Retail Systems Awards". www.retail-systems.com. Retrieved 2021-05-25.
  27. ↑ "Pitch and Win | Startup Elevate | Global Startup Events Series". tmt.knect365.com. Retrieved 2021-05-25.
  28. ↑ "Dentons advises Competera, a pricing platform for retailers, on the establishment of its US headquarters". European Business Association (in українська). 2019-07-29. Retrieved 2021-05-25.
  29. ↑ "IDCEE 2014. Results". DDI Development. Retrieved 2021-05-25.
  30. ↑ Ukraine (2016-01-20). "Ukraine's top-10 startups of 2015". Euromaidan Press. Retrieved 2021-05-25.
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