The company plans to use proceeds from the funding for research and development (R&D) and to roll out services to its first customers.
The funding round was led by Pitango Growth and Saban Ventures and included contributions from some of Nexite’s existing investors, including Battery Ventures, Intel Capital, Pitango First and Vertex Ventures.
Pitango Growth managing partner Isaac Hillel said: “The continuous flow of data from merchandise reinvents physical retailing into live digital solutions.
“Nexite’s cutting-edge technology is gaining tremendous traction in the market.
“It’s clear that Nexite is creating a new, well-needed category, and we are excited to continue from our initial investment with Pitango First through to this latest round.”
Saban Ventures managing partner Barak Pridor said: “Nexite’s cutting-edge solution is driving significant commercial results that have never been achieved before in this space.
“We are very proud to be joining this incredible team on its journey.”
Nexite has created a radio-powered tagging system and corresponding data platform that connects physical merchandise to the Cloud to help read and analyse information related to tagged items.
The patented, battery-free NanoBT tag is designed to offer ‘frictionless’ customer experiences such as secure mobile self-checkout, seamless returns and seamless click-and-collect services.
Through this, Nexite aims to drive omnichannel sales and enhance the in-store experience for customers.
Nexite co-founder and CEO Anat Shakedd said: “We’re providing complete transparency into the physical sales funnel and by doing so, we’re creating a lexicon for in-store intelligence to optimise sales per square meter based on customer engagement data.
“We’re introducing terms normally associated with eCommerce like abandonment, engagement and conversion into the physical realm.
“This type of data has never before been accessible and now it’s paving the way for retailers to navigate digital together with brick-and-mortar commerce.”