Formulate raises SEK 5M for further developing an AI-based engine for retailers.

Formulate, a Stockholm, Sweden-based startup providing an AI-based competitive intelligence tool for retailers, announced raising SEK 5M ($580k).

The backers include local investors such as Bo Mattsson, Per Uebel or DHS Venture Partners.

Formulate, founded in 2013 by Andreas Willgert (CEO), Arvid Stenback and Robin Bartholdson, has developed Retail DecisionCloud, a cloud product that that turns POS data into competitive intelligence and analytics using machine learning.