Ukrainian company Competera secures $1.5M
On October 25, 2021, Competera, a Ukrainian company developing an AI-powered pricing platform, announced a $1.5 million late-seed funding round, the company told AIN.UA.
- Flyer One Ventures participated in the round, as well as angel investors from the US.
- Kirat Anand, Head of Pricing Strategy at Walmart, became Competera’s new strategic advisor.
“Competera is a solution that can improve retail efficiency and make prices better for both customers and merchants. So we are pleased to support a company whose technology is changing the industry globally and has such a big impact on the entire industry,” says Vitaly Laptenok, General Partner at Flyer One Ventures.
The company does not disclose details of the deal. However, representatives of the company say that they expect a valuation of $100 million by the end of 2022.
- The company will use the funds raised to enter the US market and accelerate the company’s development.
- Competera technology generates optimal price and discount recommendations. They are based on brand perception, consumer demand, and the retailer’s individual business rules. The recommendations are derived from demand patterns, product interactions, and more than 20 other factors.
- The company started in 2014, and its founders are Oleksandr Halkin and Oleksandr Sazonov. Initially, the team worked on a tool for monitoring competitive data. Today, according to Competera, it has more than 100 retailers worldwide as clients.