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Jan. 12, 2021 7:13 pm ET
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.
About 10 undisclosed companies in Europe, Canada and the U.S. are using Centricity’s software platform in sectors such as grocery, nonfood retail, apparel and consumer electronics, said Chief Executive Michael Brackett, who founded the company in late 2019.