Price Lab, a Peruvian technology startup for retail, has successfully raised $360,000 in a pre-seed funding round led by iThink VC. Venture capital firm Venture Do and various business angels also participated in the funding round. This investment injection will fuel the company’s expansion into the vibrant retail market of Latin America.
Headquartered in Lima, the startup aims to revolutionize retail pricing strategies through a combination of artificial intelligence (AI) and electronic shelf label (ESL) technology. These technologies enable retailers to swiftly respond to market changes with real-time price updates. The solution holds particular relevance for the Latin American market, comprising a diverse mix of over 12.5 million physical retail stores and 710,000 e-commerce entities.
“Price Lab’s technology is specifically designed to address inefficiencies in traditional retail decision-making and price updates,” explains Vania Rivero, CEO of Price Lab. “By streamlining manual processes and enabling AI-driven decision-making, we are significantly enhancing the retail and e-commerce selling experience. This not only improves business processes but also delivers tangible benefits to consumers, marking a new era in retail operations.”
Price Lab’s electronic shelf labels, replacing outdated paper labels, allow for rapid price adjustments in just 15 seconds. Additionally, they assist retailers and e-commerce businesses in optimizing their prices and gaining greater visibility into sales projections through their artificial intelligence tool. This not only represents a significant advancement in retail technology but also aligns perfectly with the needs of a modern and evolving market.
According to the company itself, retailers implementing the Price Lab system have seen a substantial increase in sales by at least 6% and a notable decrease in operating expenses and time spent on the pricing process. “Seeing our customers achieve increased sales and reduced losses truly validates our vision,” comments Rivero. “It’s great to witness the real change that retail dynamics can bring as our customers make smarter and faster decisions that genuinely impact their success.”
The Price Lab team views this funding round as a crucial step in its mission to expand its development team, refine its AI-driven software, and bolster its business operations, particularly in Mexico, the next target in its regional expansion strategy.