AI-enabled retail-tech company Onebeat has secured an additional $10 million in funding to fuel the expansion of its highly-adaptive retail platform, enhance its business operations, and facilitate new business growth.
The Series B financing round was led by Magenta Venture Partners, with participation from existing and new investors including AnD Ventures, INcapital Ventures, J-Ventures, Surround Ventures, and Wilson's Bird Capital.
Dr. Yishai Ashlag, Co-Founder and CEO of Onebeat, expressed excitement about the group of investors, particularly Magenta Venture Partners, who share the company's passion for its business and future.
“We remain true to our mission of helping retailers, large and small, succeed by providing them with innovative tools and insights that enable them to make more informed, better business decisions and meet customer demand day in and day out.”- Yishai Ashlag
Onebeat aims to transform traditional supply chain management solutions and the associated expensive consulting services through its modern AI-enabled solution. This solution offers greater flexibility, enhanced inventory visibility, and a more affordable software-as-a-service model. This is particularly advantageous for mid-market retailers aiming to cut costs and expand profit margins.
Onebeat's AI-enabled retail platform aims to optimize operations, reduce waste, and improve the bottom line for retailers. By doing so, they can provide a better shopping experience for customers. This means more efficient inventory management, improved product assortment, and ultimately, a more seamless and satisfying shopping experience for consumers.
Onebeat doubled it's growth in the past year
Ran Levitzky, General Partner at Magenta Venture Partners, highlighted how Onebeat enables retailers to optimize their operations, reduce waste, improve their bottom line, and provide an enhanced shopping experience for customers. Levitzky also commended Onebeat's “commitment to sustainability,” as the company's solution contributes to addressing global environmental, social, and governance (ESG) challenges within the retail industry.
Founded in 2018 by Dr. Yishai Ashlag and Avihai Shnabel, Onebeat emerged from Goldratt Consulting, a renowned practice known for its expertise in supply chain management. Goldratt Consulting is the creator of the Theory of Constraints, a management philosophy introduced by Dr. Eliyahu M. Goldratt in his influential 1984 book, "The Goal." Onebeat's core mission aligns with the Theory’s principles, aimed at assisting organizations in continuously achieving their goals.
Over the past year, Onebeat has experienced significant growth, doubling its client base and forming partnerships with over 170 retailers across 26 countries. The company's clientele spans various retail sectors, including fashion, footwear, jewelry, pharmacy, and beverages. Notably, Onebeat collaborates with esteemed global retail leaders such as Calvin Klein, American Eagle, Crocs, and the retail division of TATA Group, among others.