PredictSpring, a leader in omni-channel commerce and Modern POS technology, today said that it has raised $16 million in Series B funding, bringing its total funding to $32 million to date. The round will further help to accelerate the growth of its omni-channel business and grow the R&D and Go-to-market teams.
The latest round included existing investors, Salesforce Ventures, Felicis Ventures and Novel TMT Ventures. The additional funding will support PredictSpring’s mission to continue its innovation and pioneering approach to omni-channel commerce and redefining in-store experience for consumers and store associates. PredictSpring Modern POS supports a broad array of verticals, including apparel & footwear, luxury, health & beauty, jewelry & watches, winery & liquor stores, home furnishing & decor, and telco.
Nitin Mangtani, founder and CEO of PredictSpring, ran the shopping team at Google
Toward the end of his tenure at Google, Mangtani identified an opportunity to build something more on the software and service side of the business because “most brands didn’t have a good omnichannel platform and I saw this opportunity to create this delightful experience,” he said.
PredictSpring is the fruits of his labor and his new game. “What looks obvious today looked impossible a decade ago,” Mangtani said. “That’s the beauty of innovation. Take the Apple Store. We are used to walking into the Apple Store where there are no counters, there are no fixed POS’s. Every Apple Store employee has a mobile device, where they can help you look up a product, you can buy online, and then you can also pay through Apple Pay and walk out.
“That experience is magical, but we take it for granted,” Mangtani added. “When I started the company, we built this amazing platform, which centers around that vision, which is a very consumer-centric vision of in-store and omnichannel retail. The product we have built is the modern POS system. To deliver that vision to our brands, globally, we’ve built this platform in the U.S. resting on three pillars: the number one pillar is mobility, how do you build the experience around mobile; the number two pillar is omnichannel. These days everything is omnichannel, and the third pillar is customer-centric.”
PredictSpring Modern POS has experienced 100%-plus year-over-year AR
“In the last three years, we’ve seen an accelerated transition from decades-old legacy retail POS systems to Modern POS platforms across the board in the retail industry,” said Mangtani. “Expanding on our already successful Modern POS business, this funding round allows us to provide brands and retailers with innovative omni-channel solutions to further improve the consumer experience and drive sales.”
PredictSpring Modern POS in the U.S., U.K., Canada, Mexico, Australia, and South Korea and has achieved fiscal compliance for POS software in European countries including France, Austria, Italy, Portugal, Germany.
PredictSpring is the leading omni-channel commerce platform in the retail POS market. PredictSpring Modern POS provides a seamless in-store experience for brands with support for full POS, mPOS, cash management, clienteling, endless aisle, inventory management and curbside pickup.
PredictSpring features full POS and mPOS – PredictSpring Modern POS is deployed both as fixed POS with cash drawer and printer as well as an mPOS device running on an iPhone or iPad.
Clienteling, includes customer 360, loyalty integration, curated product collections, and 1:1 customer communication.
Omni-channel Commerce offers support for the endless aisle, Buy Online Return In-Store (BORIS), Buy Online Pickup In-Store (BOPIS), and Buy Online Fulfill In-Store (BOFIS). Mangtani said BORIS allows retailers to potentially keep a sale or realize a new sale as consumers returning products in stores often buy a replacement or ancillary product.
Remote Selling gives sales associates the ability to do remote selling using the Pay By Link feature.
QR Code-Based Payments are optimized with multiple payment options using QR codes to transact via digital wallets, third-party payment platforms such as WeChat Pay and Alipay and buy now, pay later options such as Klarna and Affirm.
Inventory Management is supported with real-time inventory visibility across all channels, inventory receiving, cycle counting, RFID, store transfers, and inventory adjustments.
“PredictSpring Modern POS connects the online and in-store customer journey and enables brands to engage with customers by offering fast and seamless omni-channel journeys. PredictSpring Content Management System (CMS), the leading no-coding commerce platform, enables retailers to create highly customized on-brand experiences along with in-store promotions and loyalty integrations,” Matgani said, noting that PredictSpring powers omni-channel experiences for some of the world’s leading brands and retailers, including Sandro, Maje, Deciem, Steve Madden and Suitsupply, among others.