Advise, a Dublin-based data analytics and AI platform provider targeting retail manufacturers, has raised €1.55m in funding as it aggressively pursues international growth.

The funding round comes after a year in which Advise increased revenue by 250%, and the company plans to double its headcount over the next 12 to 18 months.

Advise is encouraged by the trajectory of the global consumer goods market following a turbulent few years with Brexit, Covid and geopolitical uncertainty.

The firm's growth has been driven by manufacturers seeking data-driven solutions for their operations to grow their margins and improve pricing strategies with retailers such as new product development, promotional and non-promotional pricing, and discounts and offers.

Advise was founded by Dr Kevin McCarthy and John Phelan and has developed an AI-powered SaaS platform that brings together sales, inventory and customer data from multiple sources.

In doing so, the platform provides manufacturers and brand owners with actionable insights to grow their market share and develop pricing strategies for retailers and consumers.

It also gives manufacturers the ability to compare product performance across retailers and benchmark themselves against competitors to ensure they are making the best possible returns.

Advise's clients include brand owners such as Pilgrims Europe, Dr Oetker (Ireland) and Britvic.

“For decades, retailers have been leveraging their data to determine product pricing strategies, while manufacturers have lacked the insights to have any meaningful influence," said Dr McCarthy, CEO of co-founder of Advise.

"With pressure on retailers to consistently drive down consumer costs – especially now amidst the ongoing cost-of-living crisis – this can leave manufacturers with no bargaining chips and very low margins.

“Our easy-to-use AI platform democratises and simplifies the data analytics process and will drive greater competition in retail. It addresses a previously unmet need, and the new funding reflects a market confidence in this solution.

"The investment, and our partnerships with our investors, will be critical in bringing Advise to the next stage of our journey.”

The funding round was led by Business Venture Partners (BVP) through its EIIs fund and supported by existing investors like ACT Venture Capital, Elkstone, and Enterprise Ireland.

The investment will help the company to meet and capitalise on the rise in demand for its platform by increasing its presence in Ireland, the UK and the US, Advise said.

The firm will put a greater focus on sales and marketing in all three markets and grow its development team as part of its expansion plans. New roles will be created in sales, engineering and data science.

Andrew McGreal, investment director of Business Venture Partners (BVP), said: “Retailers and their manufacturers operate in a traditional industry, but with a very complex data ecosystem. Historically, this combination made data analytics and the ability to unearth actionable insights at pace a challenge.

"The Advise platform, built specifically for this purpose and industry, enables better decisions and lightning speed to reveal real insights at a low cost of ownership.

"It’s a game changer for the industry. We have been hugely impressed by the team in Advise and what they have built so far and are thrilled to be supporting their plans for expansion.”

Advise is the trading name for RecommenderX, which reported net liabilities of €559,900 in June 2023 and has made losses of nearly €1.5m since incorporation in 2016.

Photo: Dr Kevin McCarthy. (Pic: Supplied)