Revend raises € 1 million to defend e-commerce revenue with an AI-powered monitoring tool.
Belgian startup company Revend today announced an investment of € 1 million lead by venture capital fund Pitchdrive, followed by Seederfund - a second venture capital fund - and business angel Pieter Casneuf. The company, founded by entrepreneurs Peter Wellens, Alex Reis, Bert Baeck, and digital product studio Ateliware, ensures operational continuity for e-commerce businesses with a plug-and-play solution that quickly detects revenue-impacting issues.
When e-commerce teams are late to detect these issues, it can cost the business massive amounts of lost income, or worse, unhappy customers. This is where Revend comes in. Revend can be installed in a few minutes, and informs marketeers the minute something seems ‘off’ via existing messaging apps. It uses powerful AI to outperform traditional monitoring systems by being faster and more focused on offering a functional explanation rather than a technical one when issues arise.
This approach has earned Revend the nickname ‘smoke detector for e-commerce’ among its first users. “With e-commerce taking an increasingly dominant share of consumers’ shopping habits, Revend’s solution can save online stores thousands of euros with a single alert“, says Alex Reis, CTO of Revend, who has been active in e-commerce for over a decade.
”There is a wealth of operational data available to marketeers, but little time to keep track of it on a continuous basis. Revend does this for you, eliminating the need to stare at dashboards every hour or hire additional analysts in your team. This means ambitious marketeers can get a lot more done, at a lower cost“, Peter Wellens, CEO, clarifies.
The raised capital will be used to hire additional engineering talent and prepare for a full release to the broader market. The company also received a grant from the federal government that supports the development of AI and innovative technology .
When asked about their participation, the investors had this to say.
E-commerce enablement is an exciting and fast-growing segment, and will play a key role in the successful growth of online-only businesses. This market, combined with the strong team and early traction Revend presented, was a key factor that convinced us to pursue the investment.
Wim Derkinderen - Co-founder and managing partner at Pitchdrive
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