AI Startup Cyreen Secures Funding for Innovative Retail Media Solution
The AI startup Cyreen, which completed the accelerator program RISING by AI Startup Rising | hessian.AI 2023/2024, announced a significant funding round from butterfly & elephant, an investment company of GS1 Germany. This investment will enable the company to develop its groundbreaking technology further to measure the impact of in-store campaigns on customer purchasing behavior.
Founded by Benedict Boos, Ciril Hofmann, and Davide Scheidegger, Cyreen specializes in providing an innovative solution that bridges the gap between digital advertising impressions and actual purchases at the point of sale. Their C.A.P. technology (Connecting Ad-Impressions with Purchase) allows retailers and brands to obtain precise data on the effectiveness of their in-store campaigns.“In-store data is crucial for future-proof retail media,” explains Hofmann. The technology is based on a GDPR-compliant tracking system that uses RFID chips on shopping carts and baskets to capture which advertisements customers see near a screen and matches this information with subsequent purchases.
Benjamin Birker, managing director of butterfly & elephant, praises Cyreen’s innovation: “Cyreen thinks retail media not only further but smarter. The startup connects the shopper experience with data-driven logic, laying the foundation for a new quality of in-store communication.”
Congratulations to the team of Cyreen! The hessian.AI-team is excited to follow Cyreen’s future developments and their contribution to advancing retail media in physical stores.
Learn more about the funding round here.
Pressphoto (© Cyreen): The Cyreen founders (f.l.) Benedict Boos, Ciril Hofmann and Davide Scheidegger.
