Autone Secures $17M Series A to Transform Retail Through AI-Powered Solutions

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Paris, October 2024Autone, the AI-driven platform reshaping the retail industry, has announced the successful closing of its $17 million Series A funding round. The investment was led by General Catalyst, with participation from notable investors, including Y Combinator, Speedinvest, Seedcamp, Motier, Financière Saint James, and 2100 Ventures. This round brings the total capital raised by Autone to $20 million, following a $3 million seed round led by Speedinvest.

Founded by Adil Bouhdadi and Harry Glucksmann-Cheslaw, who both have deep-rooted experience in luxury fashion, Autone aims to solve the longstanding inefficiencies in retail inventory management. The co-founders began their journey at Alexander McQueen, where they developed an innovative data-driven platform that tripled the brand’s revenue to over $800 million in just five years.

The new capital will accelerate Autone’s mission to revolutionize how retailers forecast demand, manage inventory, and streamline operations by leveraging AI and machine learning. Autone’s platform is already utilized by over 50 global brands, including Courrèges, Roberto Cavalli, Stussy, and Zadig & Voltaire, helping them reduce inefficiencies, improve forecasting, and prevent overstock.

“The retail industry is at a critical juncture, especially mid-market retailers and premium brands struggling with increasingly complex supply chains and legacy software. Our AI-powered solutions are designed to address these challenges head-on,” said Adil Bouhdadi, CEO and co-founder of Autone. “We believe our technology can significantly reduce inventory risks and operational inefficiencies, transforming the way retailers operate.”

Autone’s technology offers retailers tangible benefits, including a 55% reduction in inventory levels, a 25% increase in forecasting accuracy, and up to 30% more sales, while saving up to 45 hours per week on manual tasks. This technology is empathy-driven, addressing both operational and human challenges in retail, from reducing waste to alleviating staff burnout.

The newly secured funds will support Autone’s expansion across the US and Europe, targeting mid-market retailers and premium brands. Additionally, Autone plans to enhance its AI and machine learning capabilities to provide more customized insights tailored to the specific needs of its retail partners.

“At Alexander McQueen, we realized that every department operated in silos, and everyone was relying on Excel,” explained Bouhdadi. “We built the first version of Autone internally to address these challenges. Today, we’re pushing the boundaries of AI to transform retail operations globally.”

Autone’s growth is fueled by its commitment to innovation and the strong backing from industry giants like LVMH, Sephora, and Moncler, as well as a diverse investor group that recognizes the need for change in the retail space.

As Autone continues its journey, it is actively seeking partnerships with forward-thinking retailers ready to embrace cutting-edge inventory management solutions. The company is also looking to hire changemakers who want to be part of the retail revolution.

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