Portal AI raises $5M to boost small to midsize retailers

Portal AI, a startup that helps streamline operations for retailers, raised a $5 million seed, CEO Volodymyr Panchenko tells Axios exclusively.

Why it matters: Effectively leveraging AI can be used as a way to bridge the resource gap between small and midsize businesses and larger companies.

Zoom in: StratMinds VC, AGI House Ventures and Rocky Yu, BBQ Capital and Nemke Kostic, The Patel family office, Amanda Schloss family office, Broocknell Ventures participated in the round.

How it works: Portal AI centralizes data and functions and helps small to midsize businesses make operational decisions.

• The company analyzes data in a company’s operations, marketing, finance and logistics areas from places like Shopify, Amazon, Google and Meta and aims to paint a holistic picture of the business.
• Employing AI, the company can offer retailers’ actionable steps and let them ask questions about its recommendations with its AI chat assistant.

What’s next: Portal AI wants to use some of the funds to help entrepreneurs to act on some of its AI recommendations, Panchenko says.

• The goal is to give everyone access, Panchenko says. “Our strategy is to monetize on the ecosystem instead of on the product, with premium features and lead generation.”

What we’re watching: The company will begin its next raise at the end of the summer, Panchenko says.

Media Contacts:

Kimberly Chin, author of Axios Pro: Retail Deals

kimberly.chin@axios.com