After this round of funding, Aival Data plans to advance the R&D of its new product, Modern BI, and accelerate its commercial implementation process.
Software Service Provider Aival Data (Chinese:九章数据) completed a Series A+ round of funding worth tens of millions of CNY today, led by Weed Ventures.
The money will be mainly used to increase investment in SaaS product R&D, expand team and accelerate business development.
Founded in 2018, Aival Data is a software service provider that focuses on data analysis in the retail industry and provides business scenario solutions for its clients. The company has already partnered with a number of retailers, including Watsons (Chinese: 屈臣氏), China Resources Group (Chinese: 华润集团), L'ORÉAL (Chinese: 欧莱雅), Johnson & Johnson (Chinese: 强生) and Kao Corporation (Chinese: 花王株式会社).
IDC states that 75% of organizations are expected to digitally transform their business and daily operations by 2023. The role of digital transformation in supply chain, store operations and marketing is in line with the demand for change in the traditional retail industry.
Yang Xue Bin, Investment Director of Weed Ventures, also said that the retail industry is a pillar of the country, and its industry chain is complex and highly competitive. Based on the objective need to reduce costs and increase efficiency, the retail industry urgently needs to build up its insight capability on data.
The competitors of Aival Data include Wakogames (Chinese: 斓星网络), Deepexi (Chinese: 滴普科技), and LinkSteady (Chinese: 聚数智途).