Remi AI completes external capital raise, looks to accelerate growth
Remi AI, the AI-powered platform that delivers demand forecasting, inventory management, replenishment and price optimisation, has announced successfully completed its first external capital raise.
The round marks a milestone for the Melbourne-headquartered company that finished 2020 with a 25% client growth month-on-month.
The investor, Boab AI, is a newly formed accelerator dedicated to AI-powered technology and spearheaded by Artesian Capital.
Boab AI has secured $1.5 million in funding from the Victorian state government via start-up agency LaunchVic, as well as $8 million in private capital, and will be supported by a planned $100 million VC fund for AI companies.
Partner at Remi AI, Eamonn Barrett, says, "Boab AI is a new program, and we're thrilled to be part of the inaugural cohort, but Artesian has been around for a long time, and their track record and current portfolio speak for themselves.
"In addition to the investment, Remi AI is also taking part in the Boab AI Scale Up program, a six month initiative that is tailored to the individual needs of the five companies taking part."
Barrett says, “It's such an exciting time in our product lifecycle to be bringing on an external investor. We're now able to accelerate product development in some key areas which should make for an exciting 2021, but now its really a pivotal time for us to accelerate and enact some of those plans that have been percolating."
Another Remi AI partner, Calum Hamilton, says, "We've known from the beginning that our core offering is something different, but its been great to have access to a range of people who've walked the start-up path before - people who've not just built products and scaled them but built out entire companies from scratch."
Hamilton says, "Dr Catriona Wallace, Boab AI executive chairperson, and Andrew Lai, managing director of Boab AI, are juggernauts, always offering great advice.
"By taking investment, the team at Remi AI have also received external validation of their business."
Remi AI provides a machine learning platform that supports critical decisions across retail and eCommerce supply chains and provides for AI forecasting, supply chain simulation and optimisation, replenishment optimisation and what-if analysis through simulation.
The team states they plan isto get more clients on, scale the business and retain the core mission statement of the company.
Hamilton says, "Between ourselves and Boab AI we've set some pretty lofty goals that can seem a little daunting, but the team are really excited about the opportunity."
Commenting on the impact Remi AI can deliver, Boab AI managing director Andrew Lai says, "We've been very impressed with the Remi AI team who are able to produce such outstanding return on investment to companies with a supply chain.
"There's such a big opportunity for optimisation within logistics and supply chain with flow on impacts for everyone in society. Remi AI's technology has widespread application and impact."