Invent Analytics, a Philadelphia-based retail planning solutions provider, has raised $17M in funding.

The round was led by LFX Venture Partners, with participation from existing investors EBRD and Collective Spark.

The funds will be used to enhance their AI-powered software, focusing on omni-aware demand forecasting and inventory optimization.

Founded in 2013, Invent Analytics partners with over 50 global retail chains, including Men's Wearhouse and Five Below.

CEO Gurhan Kok highlighted the importance of inventory optimization in the omni-channel retail world to enhance profitability and customer experiences.