Companies spend millions of dollars to launch thousands of promotions a month, but they don't always know which ones worked best. Most of the promotions didn't help the company's bottom line at all
To show consumer packaged goods companies and retailers which ones are doing well and which ones are not, Kuona uses machine learning to look across all of those promotions.
In order to see the challenges around pricing and promotions, Chema Sanroman and Agustn Magaa decided to start Kuona.
Data-driven tools were developed by Kuona to predict demand. The tools use neural networks for simulations to increase return on investment of promotions while also maintaining or increasing sales.
The tool helps them understand what works and what doesn't. It allows them to plan for the future and see what has worked in the past.
Kuona operates in the US, Mexico, Brazil, and other countries. It has two products that help companies reduce the number of returns and out-of- stock items.
For the past two years, the company has doubled its revenue and customers. It has a list of 15 to 20 customers that include companies like Coca-Cola.
It announced $6 million of seed capital in a round led by Cometa Kuona has around $7.2 million in funding.
Sanroman plans to use the new funding to expand its team and geographical presence in Latin America and the United States as well as establish a team in Europe.
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