PYMNTS MonitorEdge May 2024

Synerise Raises $8.5 Million to Expand AI-Driven Behavioral Modeling Solutions

VTEX app

Synerise has raised $8.5 million in a Series B+ funding round to expand its artificial intelligence (AI)-driven behavioral modeling and big data solutions.

The investment came from composable and complete commerce platform VTEX and business angels, Synerise said in a Saturday (July 6) press release.

With the new funding and a strategic partnership with VTEXwhich uses Synerise technology to power the AI functionality of its own platform — Synerise will accelerate its expansion into additional markets, according to the release.

“Together with VTEX, we will empower businesses to unlock the full potential of AI-driven customer engagement and achieve unparalleled success in the digital commerce landscape,” Jaroslaw Królewski, founder and CEO of Synerise, said in the release.

Synerise currently provides its solutions to more than 150 markets and has clients in retail, banking, eCommerce and other industries, according to the release. It is one of the largest big data platforms in Europe. Its software-as-a-service (SaaS) platform helps organizations use AI to personalize experiences, predict future trends and optimize business operations.

VTEX is listed on the New York Stock Exchange (NYSE) and serves 3,500 active online stores in 43 countries, the release said. By connecting different channels and a wide commerce ecosystem, the firm helps brands and retailers build their omnichannel strategy.

The partnership between the two companies will help Synerise expand its global reach, per the release.

“We believe Synerise can consolidate the infrastructure layer for companies developing AI solutions,” Geraldo Thomaz, founder and co-CEO of VTEX, said in the release. “AI providers will consolidate as fast as cloud providers consolidate. We see Synerise as the core for the AI retail world.”

PYMNTS Intelligence has found that the advent of AI and machine learning (ML) has spurred a new era in retail personalization. Ninety-two percent of retail companies are using AI-driven personalization to drive growth, according to “What Generative AI Has in Store for the Retail Industry,” a PYMNTS Intelligence and AI-ID collaboration.

As for VTEX, it said in June that it partnered with Pinterest to help consumer brands expand their social commerce footprint and connect with more customers. In this collaboration, VTEX customers can reach and engage on Pinterest, integrating their product catalogs and running performant shopping campaigns.