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Merchkit raises $2M in pre-seed funding to automate catalog management with AI-driven platform.
Retailers, marketplaces, and brands can automate merchandising and catalog management operations using Merchkit's AI-powered software platform. To support its purpose, the Canadian startup just announced a round of pre-seed funding. Afore Capital of San Francisco was leading the $2 million investment, which was obtained late last year and involved angel investors and Antler Canada.
Chief executive officer Bijan Vaez said, "This investment gives us fuel to continue on our mission to deliver a cutting edge product to retail and ecom teams who rely on Merchkit to simplify product information management."
The Vancouver and Toronto-based Merchkit were founded in 2022 and offer a comprehensive range of automated and intelligent merchandising devices. For instance, the platform's artificial intelligence (AI) can search the internet for and collect information about your catalog goods from product sites, specifications, manuals, care instructions, and pricing papers.
Additionally, the technology may automatically produce standardized data for a catalog. Vaez, who cofounded the company with Rob Hayes and Vasil Damyanov, stated, "Our early customers have seen cost reductions of over 50% and in some scenarios a 90% efficiency improvement in their routine weekly merchandising tasks in handling their catalog data."
Vaez highlighted that Merchkit is focused on developing the next generation of AI tools to tackle significant, real challenges. As a result of the recent funding, the company is actively recruiting. Vaez, who co-founded EventMobi in Toronto in 2009 and served as CTO of the Toronto-based startup Browze, mentioned on LinkedIn that there is an urgent need for motivated and innovative engineers to lead the Applied AI initiatives or contribute to Data Engineering.
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