Vietnam: Palexy, a Vietnamese startup that provides actionable data to help improve the performance of brick-and-mortar retailers, has bagged US$1 million in a funding round co-led by Access Ventures and Do Ventures.
The startup will use the money to grow its team, fine-tune products, and expand it across the region.
Palexy was started mid this year by Thong Do, Minh Truong (co-founder and CTO), and Duc Nguyen (co-founder and Chief Data Engineer).
The trio started the venture to bring two missions together: to put Southeast Asia’s technological potential to use and shake up the retail market.
“When I talked to many frustrated business owners in the region, I got the feeling that they still wanted to grow and improve, but they have exhausted all available options. I wanted to show them that with the help of technology, there is still a lot of room for progress,” he said as he described his startup journey.
If you look at e-commerce, the industry is thriving because it uses online user data to optimize its processes incessantly. “We, at Palexy, could help retailers achieve that level of success with real-time data generated from consumers. With our solutions in place, our clients could break ceilings they were not even aware of,” Do said.
In a nutshell, Palexy aims to empower retailers to optimize their customer in-store experience and operational efficiency using Artificial Intelligence and Computer Vision technologies.