Home Breaking News Palexy bags US$ 1M in funding

Palexy bags US$ 1M in funding

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Palexy bags US$ 1M in funding
Palexy bags US$ 1M in funding
Singapore-based SaaS startup Palexy has bagged US$ 1M in a funding round held in December 2020, co-led by Access Ventures and Do Ventures.
Proceeds from the funding round will be used by the startup to increase its headcount, develop products, and expand the business across the regions of Southeast Asia, Asia and the Middle East.

Founded in 2019 by Thong Do, Minh Truong and Duc Nguyen, Palexy offers a solution that digitizes brick-and-mortar retail (refers to traditional street-side businesses that offer products and services to its customers face-to-face in an office or store that the business owns or rents. For e.g. a grocery store or corner bank) to augment the in-store experience of customers and improve the operational efficiency of these stores. Its patent-pending AI & Computer Vision technology converts surveillance cameras’ video feeds and POS transactional data into powerful customer analytics and actionable business insights.

Thong Du said the owner of an e-commerce company can log in to see all the data points such as the number of visitors (per day, week, month, or year), the timing and duration of their visits, and the keywords used to lead them to their site, etc. But if one runs an offline store (for example, a clothes retail shop), all they will be able to see at the end of the week is nothing but the point of sale (POS) data. This is where Palexy comes into use as it brings in e-commerce-like actionable data to help offline retailers perform better.

Palexy mainly provides 3 SaaS products:

  • Store Optimiser: It analyses the in-store sales funnel to help retailers improve their operations.
  • Store Wizard: A virtual shopping assistant that automatically identifies return customers as soon as they walk into the store, their shopping history and likings. This assists the sales assistants a lot with providing outstanding services, particularly in high-end stores.
  • Store Supervisor: It functions as a devoted security guard, monitoring the store 24×7, sensing unusual behaviors or cons and then informing the store staff in real-time.

Palexy’s products are presently used by more than 30 retailer clients in Vietnam and Japan, counting brands such as PNJ (jewellery retailer), Guardian (a renowned company in the beauty and personal care sector), Viet Thai International, and Aldo Shoes & Accessories Franchisee, Hakuhodo & Square.

According to Thong Do, digitizing physical stores to improve their operations is just the first stage of Palexy’s product vision. Eventually, its AI tools will act as a bridge to connect the physical and online world, permitting true omnichannel retail, he concluded.

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.

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