Crisp, an AI platform specializing in retail data, has announced the successful closure of a $26 million Series B1 funding round, led by Paine Schwartz Partners, to accelerate its growth and expand its vertical AI solutions for the retail and CPG sectors. This investment brings Crisp’s total funding to $127 million since its inception in 2017.
The funding round also saw participation from additional investors including Blue Cloud Ventures, FirstMark Capital, Cox, DNX, Prologis, and Wellington Management. Unlike horizontal AI applications, Crisp’s vertical AI platform is designed for industry-specific tasks such as reducing out-of-stocks, maximizing e-commerce revenue, and optimizing assortment and space planning within the retail industry.
Paine Schwartz Partners, a private equity firm focused on sustainable food chain investing, highlighted Crisp’s impact. Kevin Schwartz, CEO and Managing Partner at Paine Schwartz Partners, stated, “Crisp is an example of a company laser-focused on creating smarter data and AI-driven systems that power the global food chain. They have proven repeatedly that they have the ability to scale and build the solutions that are needed to address the toughest challenges within the global food supply chain.”
The capital infusion will support Crisp’s strategic growth initiatives. These include enhancing its platform with new features and functionality for CPG and retail channels, forging new data partnerships, investing in its flagship product, Crisp AI Agent, and expanding its global team through strategic hires. Are Traasdahl, founder and CEO of Crisp, commented, “Paine Schwartz recognizes that Crisp represents a compelling opportunity to invest in a scaling, high-ROI vertical AI data platform operating at the intersection of commerce, supply chain, and sustainability.”
Crisp recently introduced its AI Agent Studio, which it describes as the retail industry’s first purpose-built AI agent platform. This platform orchestrates the delivery of supply chain insights and prompts actions to improve retail performance in real time, leveraging Crisp’s data foundation that cleanses, models, and interprets diverse data sets across commerce partners.
Rick Heitzmann, founder and partner at FirstMark Capital, an early investor in Crisp, added, “Crisp leverages an intelligent, connected data strategy supported by the latest AI and automation tools. As a vertical AI solution that touches production, inventory, logistics, pricing, marketing and more, Crisp is an expert in AI and retail data, and they are well-positioned to lead the market.”
JPMorgan and Silver Lake Waterman continue to serve as capital partners, supporting Crisp’s accelerated growth strategy. Crisp’s platform aims to integrate, access, and exchange retail data among CPG brands, retailers, and distributors, providing visibility and automation to optimize retail sales and supply chain infrastructure for its 7,000+ brand users.
