Helsinki, Finland-based RELEX Solutions, a company which offers retail planning solutions has secured a fresh $200 million funding from Menlo Park-headquartered TCV. The fresh funding takes the total capital raised by the company to $223.9 million. The other investors of the firm include Summit Partners, EASME - EU Executive Agency for SMEs.
RELEX Solutions was founded in 2005 by Johanna Småros, Michael Falck, and Mikko Kärkkäinen as a platform which will provide end-to-end retail planning solutions. The platform uses machine learning and AI algorithms for forecasting and replenishment, localized assortments, profitable use of space and optimized workforce planning. The company works with some top names like Coop Denmark, Franprix, MediaMarkt, Morrisons, PartyCity, Rossmann and WHSmith.
Mikko Kärkkäinen, the CEO of the company talking about the firm and their vision going forward said, “The development of retail and supply chain planning has been held back by soloed organizations and limitations in how technologies integrate. Our vision is to change how the field works by driving a more responsive unified planning process. We are already off to a good start — now we will increase our speed by accelerating our product development ambitions, hiring more tech talent and investing further into the development of our organization as well as further expanding our retail-specific machine learning and AI capabilities that complement our core data processing platform.”
John Doran, a general partner at TCV talking about the capital infusion said, “We seek to partner with businesses and management teams that are poised to grow to dominate global markets in their sectors. We are impressed by RELEX’s modern, highly flexible and cloud-based software, as well as its exceptional data processing performance. RELEX has very high customer satisfaction with customers benefiting from inventory and waste reduction, improved stock availability, more efficient goods handling and less time spent on ordering. We are aligned with the founders’ vision for RELEX and look forward to supporting the management team.”