Retail in Asia

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RetailNext expands in APAC with strategic Singapore investments

IoT RetailNext

RetailNext Inc., the market leading developer of retail IoT analytics platform solutions, has secured a strategic equity investment from EDBI, the dedicated investment arm of the Singapore Economic Development Board.

“The opportunity to bring EDBI into our business allows us to leverage not only its deep understanding of the Singapore and APAC regional operating environment, but also its extensive technology expertise and industry knowledge,” said Alexei Agratchev, co-founder and CEO of RetailNext.

RetailNext’s presence with its data analytics team in Singapore marks the first of such retail IoT platform developer which will strengthen the robustness of the local data analytics capabilities and accelerate Singapore’s future IoT sector.

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Chu Swee Yeok, CEO and president of EDBI said, “[We are] pleased to support RetailNext’s growth strategies to extend its footprint in Asia as it builds its data innovation and software development activities in Singapore.”

Singapore will be the company’s APAC business headquarters and base for data analytics innovation and software development outside US. It would also work closely with local partners to help translate data insights gained into actions that would help boost productivity of the Singapore’s retail industry.

EDBI participated in RetailNext’s latest strategic investment round in addition to the previous Series E funding which the company closed in 2015. Some of its other investors include August Capital, Activant Capital, Starvest Partners, Nokia Growth Partners and Qualcomm Ventures. To date, the company has raised a total of over US$100million.

RetailNext ( helps global physical retailers to improve in-store customer experience, increase sales revenue and lower operating expenses. It currently has over 300 retail customers and mall operators in 60 countries. Its major customers include Levi’s, Swarovski, Bose, Ralph Lauren, Macy’s, Westfield, Sears, Bloomingdales.