GoodWork.ai raises $4m in round led by Square Peg
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The news: Square Peg Capital has led a $4 million seed funding round for Australian retail analytics startup GoodWork.ai, which is developing artificial intelligence solutions for global retailers' merchandise, finance and operations teams.
The context: GoodWork.ai is developing AI technology to help retail teams analyse trade performance more efficiently.
The company was founded by Matt Smith, former partner in Boston Consulting Group's global retail group; Alex Bergsåker, who has developed AI systems for multiple global retailers; and Ric Porteous, a former BCG data scientist.
The platform aims to analyse various factors affecting retail performance, including promotional activities and weather patterns, to provide real-time insights for retail operations.
What they said: "Retail plus analytics is not retail analytics," Square Peg partner James Tynan wrote on LinkedIn.
"[GoodWork.ai] is building proprietary models that replicate the brains of top retail analysts and using large language models to enable humans to interact with these models. The result is a unified source of truth that can give you the 'why' behind any question in seconds."
The sources: James Tynan on Linkedin, Square Peg
