Advise Secures $1.6 Million to Enhance AI-Powered SaaS Platform for Consumer Goods Industry

Advise Raises $1.6 Million for Consumer Goods SaaS Platform | PYMNTS.com

Advise, an Irish software-as-a-service (SaaS) platform for consumer goods makers, raised 1.55 million euros (about $1.6 million). The funding will help the company develop its artificial intelligence-powered SaaS platform, designed to promote better pricing strategies for fast-moving consumer goods (FMCG) firms, EU Startups reported Thursday (Jan. 9). In addition, Advise -- which trades as RecommnderX -- will use the capital to expand its workforce to 30 employees in the next 12 months to 18 months and extend its market reach after a year that saw revenues grow by 250%, the report 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," Advise co-founder and CEO Kevin McCarthy said, per the report. "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." The company's platform, he added in the report, "democratizes and simplifies the data analytics process," designed to promote greater competition in retail. The platform lets users compare products' success among retailers and refine promotional efforts. Despite issues such as Brexit, the pandemic and geopolitical destabilization, Advise said the FMCG sector has seen consistent growth, fueled by digital transformation, according to the report. Many companies in the consumer packaged goods (CPG) space are embracing AI in one way or another. A survey last year found that 99.6% of businesses said they were experimenting with generative AI technologies. Meanwhile, RELEX Solutions co-founder Michael Falck told PYMNTS a year ago that consumer goods companies had more work to do in digitizing their supply chains. He pointed to the challenges faced by companies in the meat and dairy sector, where uncertainties from customers and suppliers require maintaining the right balance of supply and demand. "Fresh goods demand requires forecasting and optimization because you have uncertainties regarding both the material supply and the demand, which leads to different opportunities in terms of how to use the raw material to meet the customer needs," he said, adding that this leads to "less shrink and waste" throughout the whole supply chain.

Advise raises €1.55m with plans for a global expansion

From left: Dr Kevin McCarthy and John Phelan, co-founders, Advise. Image: Advise The company will increase its presence in Ireland, UK and the US, opening new job opportunities. Advise, a data analytics and AI platform provider for the retail industry, has raised €1.55m to continue its international growth. The company, which saw 250pc revenue growth in 2024, said that the funding will support its global expansion, which it expects will double its headcount in the next 12 to 18 months. The funding round was led by Business Venture Partners and supported by existing investors, including ACT Venture Capital, Elkstone, Enterprise Ireland and a group of private investors. Advise, the trading name for the Dublin-based RecommenderX founded in 2016, provides data insights to retail businesses across the supply chain, to ensure margin growth and effective pricing strategies. Its clientele includes Pilgrims Europe, Dr Oetker (Ireland) and Britvic. According to the AI-powered SaaS platform, digital transformation has supported the growth of the global consumer goods market - despite geopolitical uncertainties brought on by Brexit and the Covid-19 pandemic. The newly raised funds will increase the company's presence in Ireland, the UK and the US, opening up job roles in sales, engineering and data science, the company 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," said Dr Kevin McCarthy, the CEO and co-founder of Advise. "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," McCarthy added. While Andrew McGreal, the investment director at Business Venture Partners, said: "Retailers and their manufacturers operate in a traditional industry, but with a very complex data ecosystem. "Historically, this combination made data analytics and the ability to unearth actionable insights at pace a challenge. The Advise platform, built specifically for this purpose and industry, enables better decisions and lightning speed to reveal real insights at a low cost of ownership. It's a game changer for the industry." Don't miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic's digest of need-to-know sci-tech news.