Israeli Startup Nexite Raises $67M For In-Store Data Platform

Israeli eCommerce retail platform Nexite, announced on Wednesday the completion of a $67 million Series C funding round to accelerate and scale up company growth. 

The round was led by investment firms Pitango Growth and Saban Ventures, alongside existing investors Battery Ventures, Intel Capital, Pitango First, and Vertex Ventures. This brings Nexite’s total funding to $100 million. 

Founded in 2017, Nexite operates a real-time data intelligence platform that connects a store’s physical merchandise to the cloud, granting customers the ability to engage with physical items as if they were digital. The platform also provides brands with actionable insights to elevate in-store sales and provides retailers with “item-level intelligence” to optimize in-store assortment performance, track consumer engagement, and automate conventional staff processes.   

The company developed and patented the NanoBT (Bluetooth), a battery-free tag attached to merchandise that enables a smooth online customer experience with secure mobile self-checkout, the option to return and or click-and-collect, and the ability to purchase a store’s goods from multiple outlets. 

“We’re providing complete transparency into the physical sales funnel and by doing so, we’re creating a lexicon for in-store intelligence to optimize sales per square meter based on customer engagement data,” said Anat Shakedd, co-founder and CEO at Nexite. “We’re introducing terms normally associated with eCommerce like abandonment, engagement and conversion into the physical realm. This type of data has never before been accessible and now it’s paving the way for retailers to navigate digital together with brick-and-mortar commerce.”

“The continuous flow of data from merchandise reinvents physical retailing into live digital solutions,” said Isaac Hillel, managing partner at Pitango Growth. “Nexite’s cutting-edge technology is gaining tremendous traction in the market. It’s clear that Nexite is creating a new, well-needed category, and we are excited to continue from our initial investment with Pitango First through to this latest round.”

“Continuous data flow from merchandise and the resultant analytics are transformational for retailers globally,” added Barak Pridor, managing partner at Saban Ventures. “Nexite’s cutting-edge solution is driving significant commercial results that have never been achieved before in this space. We are very proud to be joining this incredible team on its journey.”