Editor's Note: This article has been edited since it was originally published.
RELEX Solutions, a provider of unified retail planning solutions, has secured a $200 million minority investment from TCV. With the investment, RELEX plans to:
- Accelerate its product development ambitions in areas such as workforce optimization;
- Hire more tech talent; and
- Expand its retail-specific machine learning and AI capabilities.
The platform is designed to leverage AI to help retailers improve product forecasting, localization and replenishment capabilities. The company’s sales have expanded at a rate of 50% per year, according to a statement.
In its announcement, RELEX specifically highlighted its partnerships with European-based retailers, including Coop Denmark, Franprix, MediaMarkt, Morrisons, Rossmann and WHSmith. In the U.S., RELEX clients include Party City, Delhaize America and LifeWay Christian Stores.
RELEX hasn’t disclosed its valuation, but with the new round, TechCrunch estimates it ranges between $400 million and $500 million. RELEX’s existing investor Summit Partners, which raised more than $20 million for the company, will retain an equity stake in the business and will continue to hold a seat on the RELEX Board of Directors.
In addition, the company’s founders Mikko Kärkkäinen, Johanna Småros and Michael Falck will continue in their senior management roles and will focus on executing the company’s strategies.