# Black.ai

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/black-ai

- Industry: Software
- Headquarters: Melbourne, Australia
- Website: www.black.ai
- Total disclosed funding: $6.4M
- Latest round: Seed (Jun 27, 2022)
- Investors on record: 9

## About

Black.ai is a technology company specializing in autonomous retail solutions designed to enhance customer shopping experiences through advanced data analysis and monitoring systems.Founded in 2015 in Melbourne, Australia, Black.ai develops a sophisticated platform aimed at optimizing in-store retail operations. The company has secured a total funding of USD 5.4 mn through a SEED round led by Jelix Ventures, with participation from Right Click Capital. Notable founders include Karthik Naarayanan, Keaton Okkonen, and Sebastien Collier, with Keaton Okkonen serving as the CEO.Black.ai offers an advanced autonomous retail platform designed to enhance in-store shopping experiences through real-time monitoring and analysis of customer interactions. The core product, known as the Black.ai System, leverages a distributed sensor and computing architecture to map and monitor retail environments, enabling clients to track customer journeys within stores by observing interactions such as product pickups, inspections, and abandonments. This innovative solution aims to address critical challenges in retail, including improving customer conversion rates, optimizing marketing attribution, and minimizing losses due to theft. The platform serves a diverse client base, primarily focusing on national retail chains and industrial settings, particularly in regions such as the United States, where the technology can be integrated with existing camera infrastructure. The emphasis on a privacy-first approach ensures that shopper identities remain anonymous, aligning with contemporary privacy regulations while maximizing client insights into consumer behavior.Black.ai operates on a business-to-business (B2B) model, primarily generating revenue through service agreements with retail clients. The company provides its technology through various transactional structures, including subscription-based services and direct sales partnerships. Clients typically engage with the firm by integrating the Black.ai System into their existing operations, where they are charged based on the scale of implementation and the specific features utilized. Revenue streams may include fees for initial setup, ongoing service and support, and potential additional charges for premium features or data analytics services. The firm’s offerings are crafted to enhance operational efficiency and customer engagement, which are crucial metrics for retail success.In June 2022, Black.ai raised USD 5.4 mn in Seed funding, led by Jelix Ventures, to expand its business reach and build out its insights-driven infrastructure. The company plans to utilize this funding to enhance its product offerings and potentially explore new market opportunities in regions beyond the current focus. Specific new products are in development, although release dates have not been disclosed.

## Funding rounds

- Seed, Jun 27, 2022, $5.4M — Right Click Capital, Jelix Ventures
- Seed, Mar 28, 2022, $0.3M — R3I Ventures
- Seed, Jul 6, 2018, $0.7M — Right Click Capital, Blackbird, Pan Group Investments Pty Ltd, Saltagen Ventures, Emergence56Lp, The Ahimsa Project Pty Ltd, The Santosha Project Pty Ltd
- Seed, Sep 1, 2017 — Blackbird

## Investors

- Blackbird (https://capitalatlas.ai/funds/blackbird) — Seed
- Right Click Capital (https://capitalatlas.ai/funds/right-click-capital) — Seed
- Pan Group Investments Pty Ltd — Seed
- Saltagen Ventures (https://capitalatlas.ai/funds/saltagen-ventures) — Seed
- Emergence56Lp — Seed
- The Ahimsa Project Pty Ltd — Seed
- The Santosha Project Pty Ltd — Seed
- R3I Ventures (https://capitalatlas.ai/funds/r3i-ventures) — Seed
- Jelix Ventures (https://capitalatlas.ai/funds/jelix-ventures) — Seed