shopper360 and Surge Ventures tie-up to offer data analytics and AI to firms

Shopper360 and Surge Ventures have formed a joint venture known as Avinity Analytics to offer data analytics, data science, machine learning and AI to retail, eCommerce, and marketing-related businesses and brands such as Nestle, F&N, and JDE, among others.

Shopper360 has invested RM1 million for 40% equity in Avinity Analytics, which is incorporated in Singapore to leverage on the country as a regional hub for start-ups and acquiring regional business accounts. Meanwhile, Surge Ventures will pump contracts worth RM500,000 into Avinity Analytics with a potential pipeline of contracts worth RM1 million. According to Surge Ventures, this pipeline of potential contracts is not inclusive of shopper360's current network of clientele which will be introduced over time to Avinity Analytics' technology for automating data preparation, insight discovery, and AI model deployment for out-of-stock prediction, inventory management, and sales forecasting.

Avinity Analytics is also using Singapore's reputation as a magnet for assisting companies to grow into unicorns. According to shopper360, it wants to capitalise on the global AI software market, which has risen at 35.6% compound annual growth rate and will grow to approximately US$300 billion by 2026, the company said citing research from Market Research Future. The joint venture will enable shopper360's clients to adopt these capabilities in their day-to-day business operations in retail.

Chew Sue Ann, executive chairman and group MD of shopper360, said it is fortunate to be able to invest in a data team at Surge Ventures that has experience in acquiring clients of all sizes, and a track record of delivering successful data and tech projects. "Surge Ventures' passion in data ensures that we will together always adopt the latest data technologies to create a competitive edge," Chew said.

Meanwhile, Vincent Ng, CEO of Surge Ventures, said the team started working with shopper360 in 2020, and it was able to excite a few of its clients by providing them AI models with their data sets, which they are actively using for their day-to-day operations and decision making.

"We look forward to deepening this partnership to provide more of shopper360 group’s clients an integrated data dashboard that will help retailers and brands reduce out-of-stock, track in-store price changes and understand competitive brands with data. We are a team of success-hungry founders that has what it takes to grow Avinity Analytics into a successful regional tech company," he added.

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