Yael Kochman
February 23, 2024
It’s been an exceptional month in the realm of retail tech. As Apple introduces its groundbreaking Vision Pro glasses, Israeli retail tech firms are causing a stir by harnessing the power of data and Generation AI to forge innovative solutions.
Let’s dive in…
Israeli startup BRIA has raised an impressive $24 million in Series A funding, marking a significant milestone in its mission to lead the way in ethical visual generative AI. The round was jointly led by GFT Ventures, Intel Capital, and Entrée Capital, with participation from renowned investors such as Publicis Groupe, Getty Images, Samsung Next, and others.
BRIA stands out with its visual generative AI open platform, empowering companies to tailor their visual needs seamlessly. Offering developers the flexibility to integrate generative AI capabilities into existing products, solutions, or systems, BRIA provides source code, pre-trained models, API, and SDK for a versatile and user-friendly experience. The startup collaborates with leading stock image providers, managing over one billion licensed images to train its text-to-image foundation models. Importantly, BRIA ensures that original creators, artists, and media companies receive royalties, establishing a fair compensation mechanism for their contributions to the generated output.
Dr. Yair Adato, CEO and Founder of BRIA, emphasized the critical importance of ethical and unbiased generative AI. He stated, “Bria opens up a world of possibilities with accessible licensing models, offering developers unrestricted access to both source code and trained models. This strategic move not only ensures a secure path through potential legal pitfalls but also empowers companies to sculpt their own competitive advantage. By harnessing Bria’s advanced responsible generative AI technology, businesses can redefine their approach to visual content creation, unleashing a wave of innovation that aligns seamlessly with their brand identity. Bria’s transformative influence is set to reshape the retail landscape, allowing companies to not just keep pace but surge ahead in the race for innovation and visual excellence.” Amidst challenging times, Dr. Adato expressed gratitude for investors’ faith in the company’s capacity for sustained growth in the present and the future.
Octup, a trailblazer in operational AI-driven e-commerce solutions, announced a significant milestone with the successful raising of $4 million in pre-Seed funding. This funding round, led by Tal Ventures and featuring participation from notable investors such as the founders of unicorn companies Trax and Rapyd, as well as Bullet Ventures, HCS Investors Group, and World Trade Ventures, positions Octup as a rising force in the industry.
Distinguished by its focus on processing and consolidating data from diverse operational domains like marketing, last-mile delivery, customer support, and warehousing, Octup’s breakthrough platform leverages artificial intelligence to detect anomalies, correlations, and trends. The company’s AI-powered discovery platform spans the entire end-to-end value chain, complemented by an advanced AI engine that interprets insights.
Alon Partuk, CEO and Founder of Octup, is a series entrepreneur and previously founded D2C brand . He expressed the company’s vision, stating, “In creating Octup, our goal was to tap into deeper operational insights beyond standard metrics to uncover real opportunities.” By tackling technical and data complexity challenges head-on, Octup has developed an innovative engine that provides complete operational visibility, resulting in hidden cost revelations and delivering substantial value.
Notably, companies utilizing Octup’s solution have reported overall profit increases of up to 40%. Serving a diverse global customer base spanning sectors such as apparel, supplements, consumer electronics, skincare, cosmetics, and jewelry, Octup is poised to revolutionize how businesses optimize their operational efficiency and enhance profitability.
Partuk will be speaking in Re:Tech Disrupt’s Marketing and D2C track in July, grab your ticket here.
It’s now been 5 months since Hamas’ barberious attack on Israel and 134 hostages are still being held in inhuman conditions in Gaza. But as you can see above, our ecosystem continues to deliver. #NoMatterWhat.
