Retina AI Secures Additional $8 Million for Ecommerce Analysis

Bernard Mendez
Bernard Mendez is an editorial intern at dot.LA. He attends UCLA, where he is pursuing a bachelor’s degree in applied mathematics. Mendez was previously an editor at the Daily Bruin, the student newspaper at UCLA.
Retina AI Secures Additional $8 Million for Ecommerce Analysis
Photo by UX Indonesia on Unsplash

One of the difficult and costly things for ecommerce companies is finding and keeping customers online.

Emad Hasan, a former Facebook and Paypal marketing analyst, said he often saw online sellers wasting money chasing customers who would never return.


The co-founder of Santa Monica-based Retina, Hasan helped create an application that vendors can use to identify valuable customers, those more likely to spend or keep coming back.

On Tuesday, Retina announced it raised $8 million in Series A funding that it will use to develop the software and expand the company. The funding round was led by Alpha Intelligence Capital and Vertical Venture Partners.

"Using a compass is what they have been doing," he said. "And now we're now giving them a GPS that gives them a much more accurate understanding of where they are, where they could be going and how they're making those decisions."

Founded in 2017, Retina uses artificial intelligence and data from the company to predict which customers are likely to come back.

The AI tools are integrated into platforms like Shopify, Google and Facebook and customers can view Retina's predictions on Google and Facebook Ads platforms.

Client companies can use Retina's AI to lure in customers who are likely to return with things like discounts and special offers.

Hasan said Retina is targeting smaller, newer companies that often don't have the money or manpower to sift through customer data and search out repeat shoppers. It's also appealing to businesses that have at least 18 months of data and around 100,000 customers.

Retina's customers include companies like Dollar Shave Club, Nestlé and Madison Reed.

https://twitter.com/bernardhmendez
bernard@dot.la

Subscribe to our newsletter to catch every headline.

How Women’s Purchasing Power Is Creating a New Wave of Economic Opportunities In Sports

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

How Women’s Purchasing Power Is Creating a New Wave of Economic Opportunities In Sports
Samson Amore

According to a Forbes report last April, both the viewership and dollars behind women’s sports at a collegiate and professional level are growing.

Read moreShow less
https://twitter.com/samsonamore
samsonamore@dot.la
LA Tech Week Day 5: Social Highlights
Evan Xie

L.A. Tech Week has brought venture capitalists, founders and entrepreneurs from around the world to the California coast. With so many tech nerds in one place, it's easy to laugh, joke and reminisce about the future of tech in SoCal.

Here's what people are saying about the fifth day of L.A. Tech Week on social:

Read moreShow less

LA Tech Week: How These Six Greentech Startups Are Tackling Major Climate Issues

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

LA Tech Week: How These Six Greentech Startups Are Tackling Major Climate Issues
Samson Amore

At Lowercarbon Capital’s LA Tech Week event Thursday, the synergy between the region’s aerospace industry and greentech startups was clear.

The event sponsored by Lowercarbon, Climate Draft (and the defunct Silicon Valley Bank’s Climate Technology & Sustainability team) brought together a handful of local startups in Hawthorne not far from LAX, and many of the companies shared DNA with arguably the region’s most famous tech resident: SpaceX.

Read moreShow less
https://twitter.com/samsonamore
samsonamore@dot.la
RELATEDEDITOR'S PICKS
Trending