London-based start-up Martee AI has raised £540,000 in an oversubscribed pre-seed funding round, pivoting towards AI-driven demand forecasting solutions in the fresh food-to-go sector.
London-based AI technology start-up Martee AI has successfully completed an oversubscribed pre-seed funding round, securing around £540,000 to advance its offerings in the fresh food-to-go sector. This fundraising effort coincides with Martee AI’s strategic pivot from its original concept of an unmanned, self-serve convenience store to a focus on developing AI-driven demand forecasting software tailored for the grab-and-go food industry. The pivot aims to enhance operational efficiency and significantly reduce food waste.
Martee AI was co-founded by Harry Slagel, the former CEO of meal kit brand Plateaway, and Lucy Adams, who has experience at rapid grocery delivery service Weezy. The company launched in early 2023 with aspirations of revolutionising the convenience store model, but by January 2023, it shifted its focus towards providing technological solutions for the food industry. This strategic shift was driven by promising initial results and market research which highlighted the potential for their AI technology in streamlining supply and reducing excess inventory.
The funds raised in this pre-seed round are intended to bolster Martee AI’s technical team. Over recent months, the company has made key hires in machine learning and software development, indicating a commitment to refining their forecasting algorithm. This technology has already demonstrated its potential to drive profitability and sustainability by reducing waste in retail operations.
In a significant move, Martee AI has secured its first pilot agreement with a sushi brand operating concessions in 450 supermarkets across France. This partnership underscores Martee AI’s expanding footprint in the European food service market and illustrates the trust that established brands are placing in its AI-driven solutions.
CEO Harry Slagel expressed confidence in the company’s strategic shift, noting, “We made the bold decision to pivot in January, after extensive research and some amazing initial results, identifying a unique market opportunity that aligned with the technology we initially built to power our own food retail business.”
Lucy Adams, COO of Martee AI, highlighted the company’s enthusiasm for the future, saying, “We’re just getting started, and we can’t wait to make a massive impact within the food system and make it possible for healthier, fresher food to be sold everywhere.”
With this fresh infusion of capital and the new partnership in France, Martee AI stands poised to scale its innovative solutions across the food-to-go sector, reinforcing its mission to make fresh and healthy food more accessible and affordable.
Source: Noah Wire Services
More on this & verification
- https://www.thegrocer.co.uk/news/ai-forecasting-start-up-martee-ai-closes-pre-seed-funding-round/697581.article – Corroborates the successful completion of the pre-seed funding round and the amount raised by Martee AI.
- https://www.thegrocer.co.uk/news/ai-forecasting-start-up-martee-ai-closes-pre-seed-funding-round/697581.article – Supports the strategic pivot from the original concept to AI-driven demand forecasting software.
- https://nordic9.com/news/martee-ai-raised-300k-pre-seed-with-founders-factory-in-the-uk/ – Provides background on Martee AI’s previous funding rounds and its focus on the food industry.
- https://www.leadsontrees.com/news/martee-ai-secures-200,000-in-pre-seed-round-to-revolutionize-food-demand-forecasting-with-ai-technology – Details the initial goals and technological focus of Martee AI in demand forecasting and reducing food waste.
- https://www.thegrocer.co.uk/news/ai-forecasting-start-up-martee-ai-closes-pre-seed-funding-round/697581.article – Confirms the co-founders of Martee AI, Harry Slagel and Lucy Adams, and their backgrounds.
- https://www.thegrocer.co.uk/news/ai-forecasting-start-up-martee-ai-closes-pre-seed-funding-round/697581.article – Supports the timing and reasons for the strategic shift towards AI-driven demand forecasting.
- https://www.thegrocer.co.uk/news/ai-forecasting-start-up-martee-ai-closes-pre-seed-funding-round/697581.article – Corroborates the use of funds to bolster Martee AI’s technical team and refine the forecasting algorithm.
- https://www.thegrocer.co.uk/news/ai-forecasting-start-up-martee-ai-closes-pre-seed-funding-round/697581.article – Details the pilot agreement with a sushi brand and Martee AI’s expanding footprint in Europe.
- https://www.leadsontrees.com/news/martee-ai-secures-200,000-in-pre-seed-round-to-revolutionize-food-demand-forecasting-with-ai-technology – Supports the potential of Martee AI’s technology in driving profitability and sustainability by reducing waste.
- https://nordic9.com/news/martee-ai-raised-300k-pre-seed-with-founders-factory-in-the-uk/ – Provides additional context on Martee AI’s funding and its impact on the food industry.
- https://www.thegrocer.co.uk/news/ai-forecasting-start-up-martee-ai-closes-pre-seed-funding-round/697581.article – Quotes from CEO Harry Slagel and COO Lucy Adams on the company’s strategic shift and future plans.
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