EDBI, the investment arm of the Economic Development Board, is investing in RetailNext, a California-based analytics-solutions provider looking to expand its Singapore presence in support of its business in the Asia-Pacific.
The retail Internet-of-Things (IoT) analytics solutions offered by RetailNext enable retailers to enhance their customers' in-store experience, boost revenue and curb operating expenses.
The American company said in a statement: "RetailNext has secured a strategic equity investment from EDBI."
It did not reveal the size of the investment.
Since it was set up in 2007, the company has raised more than US$120 million through more than five funding rounds.
Some of its other investors include August Capital, Activant Capital, Starvest Partners, Nokia Growth Partners and Qualcomm Ventures.
Alexei Agratchev, co-founder and chief executive officer of RetailNext, said: "The opportunity to bring EDBI into our business allows us to leverage not only its deep understanding of the Singapore and Asia-Pacific regional operating environment, but also its extensive technology expertise and industry knowledge, as RetailNext aggressively captures new business opportunities in the region's retail industry."
RetailNext works with more than 300 retail customers and mall operators worldwide, including established names such as Levi's, Swarovski, Bose, Ralph Lauren, Macy's and Bloomingdales.
Together with Newstead, it has added @Notebook to its client base. @Notebook runs IT concept stores in Singapore.
Chu Swee Yeok, chief executive officer and president of EDBI, said: "RetailNext enables consumer-business owners to gain valuable insights on their customers while providing them with superior shopping experiences.
"Their integrated full-suite platform with advanced real-time monitoring analytics solutions will help improve businesses' sales performance, productivity and operational efficiency."
The global retail IoT market is expected to total US$326 billion by 2018.
RetailNext's Singapore office, which is also its Asia-Pacific headquarters, is located in Wisma Atria.