Centricity Inc., a startup that uses artificial intelligence to help companies predict consumer demand for specific products in particular communities, is expected to raise $10 million in new venture-capital money this year.
The New York City-based company, one of many enterprise technology startups that have gained traction during the pandemic, uses AI algorithms to analyze some 2.5 billion data points’ worth of internet traffic a day to predict demand for products so that retailers can stock their shelves accordingly.
Centricity employs about 50, up from less than 10 last April, and its planned fundraise could bring total venture-capital investment to $12.5 million.
Startups such as Centricity, which build software and services aimed directly at large enterprise customers, have been capitalizing on the increased demand for their services during the coronavirus pandemic, as companies have been forced to accelerate their digital initiatives to remain competitive.
Companies use Centricity’s AI-based insights to help predict what customers will want to buy in around one to three months, depending on the client, so they can stock their shelves accordingly.
Its technology can also be used by research and development divisions at companies interested in launching new products.