Advise plans to expand global workforce folowing €1.55m raise
Data, analytics and AI platform provider Advise has raised €1.55 million in funding as it continues its aggressive international growth. Following a year of 250% growth in revenue, the funding will be used to support the company’s global expansion plans, which will see Advise double its headcount in the next 12 to 18 months.
The funding round was led by Business Venture Partners (BVP) through their EIIS fund and supported by existing investors, including ACT Venture Capital, Elkstone, Enterprise Ireland, and a group of private investors.
Advise, the trading name for RecommenderX, was founded by Dr Kevin McCarthy and John Phelan (pictured). The company has developed an AI-powered SaaS platform that harmonises sales, inventory and customer data from multiple sources – making it the go-to platform for easily accessible, accurate data analytics. In doing so, it provides manufacturers and brand owners – such as Pilgrims Europe, Dr Oetker and Britvic – with the actionable insights needed to grow their market share and plan mutually beneficial pricing strategies for retailers and consumers. It also gives manufacturers the ability to compare product performance across retailers and benchmark themselves against competitors – therefore ensuring they are making the best possible returns.
Dr Kevin McCarthy, CEO and co-founder, Advise, said: “For decades, retailers have been leveraging their data to determine product pricing strategies, while manufacturers have lacked the insights to have any meaningful influence. With pressure on retailers to consistently drive down consumer costs – especially now amidst the ongoing cost-of-living crisis – this can leave manufacturers with no bargaining chips and very low margins.
“Our easy-to-use AI platform democratises and simplifies the data analytics process and will drive greater competition in retail. It addresses a previously unmet need, and the new funding reflects a market confidence in this solution. The investment, and our partnerships with our investors, will be critical in bringing Advise to the next stage of our journey.”
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