Founded in 2017 by Ukrainian entrepreneurs Alex Galkin, Andriy Mykhailov and Alex Sazonov, Computera aims to “automate pricing and make it more effective.”
To help retailers “set optimal prices and increase customer trust,” the startup has “trained a neural network on proprietary and industry data.” It has thus developed algorithms that “continuously calculate and re-quantify billions of possible price combinations.”
The company claims more than 50 customers across 18 countries, including the US, UK, Germany, France and Italy. It says that retailers using its solutions “can increase their gross margin by 6%.”
Competera has completed a $3 million seed round involving Stratminds — a Silicon Valley VC firm specializing in applied AI, — Verras Capital and Transform Partners Fund. Several investors with Ukrainian roots also took part in the deal. They include Flyer One Ventures. Geek Ventures and SMRK Fund, as well as Alex Medovoi, the founder and chairman of the AI Ukraine conference.
Focus on the US market
“Our decision to back Competera comes down to the traction it’s getting among Fortune 500 companies, which we see as a strong indicator of its growth trajectory,” stated Ulad Radkevitch, General Partner at Verras Capital.
“We’re also impressed by its experienced leadership team and how they have guided the company through recent geopolitical and economic challenges while maintaining growth,” he added.
Competera’s fresh funding is intended to “enhance its AI capabilities, broaden its service offerings, and scale its operations, focusing on the US market,” the company said.
Almost simultaneously, Competera also announced a strategic partnership with Tech Mahindra, a major US provider of digital transformation, consulting and business re-engineering solutions.
The agreement aims to “provide retail customers with swift and efficient deployment of price optimization solutions, empowering retailers to increase bottom-line metrics and foster brand loyalty,” stated Tech Mahindra.
