Luca Software, a San Francisco, CA-based startup that helps retailers make pricing decisions, raised 2.5m in Seed funding.
The round was led by Menlo Ventures, with participation from Y Combinator, Soma Capital, Uber’s angel syndicate and strategic angels.
The company intends to use the funds to scale out our data science and engineering teams, and to support more retailers on its platform.
Led by Tanvi Surti and Yonah Mann, who both worked on pricing at Uber, Luca is an AI-powered co-pilot for enterprise retailers, which constantly identifies revenue and profit headroom, makes recommendations for price adjustments and saves work hours along the way. The solution, complementary to the human decision maker in a retail organization, generates price recommendations by absorbing retailers’ sales, inventory and competitor data to forecast outcomes at different price points, ultimately selecting a winning one. Once recommendations are pushed live, Luca monitors the price changes in production, watches out for abnormal patterns and alerts the decision maker if something is off.
The company has already worked with 8 mid-size brands, and are in pilot design with 2 Fortune 500 retailers to help them manage their pricing strategy.
FinSMEs
28/04/2023