Inventory optimization startup Celect raises 15 million in Series C funding

The Boston-based predictive analytics and inventory optimization startup serving the likes of Neiman Marcus, Polo, ALDO Group and Urban Outfitters announced Sunday it has secured 15 million dollars in the funding round of Series C.

The round was led by the NGP Ventures Capital, and some of the existing investors Fung Capital, with the collaboration from the previous investors August Capital, and Activant Capital, reported ‘Startup World’.

The company will now be going to use the funds to expand its sales and engineering teams, further also enhance its patented technology solutions, and to also grow its market share.

Celect describes itself as a predictive analytics SaaS platform which allows retailers to optimize their overall inventory portfolio in stores across the supply chain. The technology also allows retailers and brands to predict future buying patterns and behavior so that they can make profitable allocation and merchandising, and improve fulfillment decisions.