Nike has recently purchased an AI startup, named Celect. Through purchasing an AI startup, Nike is hoping to bolster its predictive analytic abilities. No terms were released on the acquisition price. Nike’s COO Eric Sprunk made a statement regarding the acquisition, “As demand for our product grows, we must be insight-driven, data-optimized and hyper-focused on consumer behavior. This is how we serve consumers more personally at scale.”
Celect was founded by two MIT professors, and the tech company uses data to derive insights. The company is able to use both structured as well as unstructured data from the retail industry to derive a number of different insights. Retail companies are then able to implement in the insights to get an idea of the cost and benefits of different inventory layouts.