Only four months since its last funding round, Adelaide-based artificial intelligence software company Complexica has snagged an additional $6.5 million from Acorn Capital, bringing its total capital raised to more than $31 million since 2021.
Complexica’s AI software is used to optimise the promotional planning and pricing of products, inventory management and resource allocation, as well as analyse sales performance for companies with a large SKU (stock keeping units) range and a long tail of customers.
Founded in 2014, the company employs more than 100 staff across four offices and counts Perenneial Partners, Microequities Asset Management (ASX: MAM), ports and logistics operator Flinders Ports Holdings and investment bank MA Financial (ASX: MAF) as investors.
The latest raise comes only four months since Complexica secured $1.4 million from Perennial Partners, which also pumped an additional $3 million into the firm in late 2022.
“We are very happy to announce the addition of Acorn Capital to Complexica's shareholder base, with whom we've developed a great working relationship during the past year,” Complexica CEO Matt Michalewicz said.
“Acorn's $6.5 million investment will be used for expansion and M&A purposes, with some exciting announcements already in the works.
“As predicted, 2023 is turning out to be a monumental year for the business, putting us in a fantastic position for growth and expansion this year and beyond.”
Complexica’s existing customers include the likes of Endeavour Group (ASX: EDV), Arnott’s Group, Pfizer, Metcash, DuluxGroup and more.
The company’s modularised software platform, called Decision Cloud, helps staff with key decision-making processes, like managing quotes, dynamic pricing, retail execution, trade promotion management, scenario planning, inventory replenishment and more.
It is powered by a proprietary machine learning engine, called Larry the Digital Analyst, which is made up of numerous smart algorithms that can perform certain tasks – such as data collection, augmentation, predictive modelling, trade-off analysis and more.
“We’ve been engaged with Complexica for almost a year now. In that time, we’ve been able to get to know Matt and the team well and have been impressed with Complexica’s vision and its ability to win significant enterprise customers," Acorn Capital investment director Matt Sheehan said.
"We’re excited to be part of Complexica and look forward to assisting Matt and the team realise the full potential of the company."
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