1. News
October 5, 2021

Gap buys artificial intelligence start-up Context-Based 4 Casting

Gap’s investments in technology have increased since last October, when it moved its operations to the Cloud.

US-based lifestyle retailer Gap has purchased artificial intelligence (AI) start-up Context-Based 4 Casting (CB4) for an undisclosed sum.

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CB4 uses advanced AI and machine learning tools to make predictive analytics and demand sensing to support sales and streamline the customer experience.

The company was founded by Professor Irad Ben-Gal and Dr Gonen Singer following an innovative research project in Tel Aviv University, Israel.

It is based in New York and operates offices in Tel Aviv and London, UK.

Under the terms of the deal, Gap will induct CB4’s team as full-time employees.

Gap chief growth transformation officer and strategic growth office head Sally Gilligan said: “We believe artificial intelligence and machine learning will shape the future of our industry.

Gap has experience working with CB4’s world-class data scientists, so we understand the impact and the wide applications their science can have across sales, inventory and consumer insights, as well as its potential to unlock value and enhance the customer experience.”

CB4’s solutions are used by Levi’s, Urban Outfitters, Lidl and Kum & Go among other retailers.

Investors in the company include US-based venture capital firm Sequoia Capital.

The deal with Gap was brokered by Gap ’s Strategic Growth Office.

CB4 CEO Yoni Benshaul said: “CB4’s AI helps lift sales and enhance customer experiences.

“As we join Gap , I’m excited to see how our team can drive even broader and deeper impact at the company’s global scale.”

Gap ’s investment in technology has been increasing since moving to the Cloud last October.

In August, the company purchased Drapr, an e-commerce start-up and technology-based online application, for an undisclosed sum.

Drapr aims to help shoppers find the right clothing sizes and fits by creating 3D avatars to virtually try items on.

The company was founded by David Pastewka, Will Drevno and Richard Berwick and was part of Y Combinator’s class of Summer 2020.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.