An Eagle-based startup announced it raised $3.4 million in seed funding, with hopes to expand its AI service for retailers.
Fitted Inc. said it raised the additional funding just six months after raising $1.2 million last year. The company uses artificial intelligence techniques to help retail businesses understand and manage their online platforms.
Salt Lake City-based Epic Ventures, a venture capital firm, led the funding round. A number of Idaho firms and investors also threw money into the pot, including Capital Eleven, Kount co-founder Brad Wiskirchen, T-Sheets founder Matt Rissell, Clearwater Analytics co-founder Mike Boren and MarkMonitor and AppDetex founder Faisal Shah. Additional capital came from Idaho Capital Ventures, Trolley House Ventures, and Vynyl Partners.
Twenty-one people currently work for Fitted, and the company said it hopes to double that number by the end of the year. It posted three new engineering positions earlier this week.
“The startup ecosystem in the Treasure Valley is at an important inflection point, and Fitted is uniquely positioned to lead the next-wave of category-defining businesses based in Idaho,” Epic Ventures Managing Director Jack Boren said.
Monte Keleher, Glen Bentley and Andrew Bentley founded Fitted, with a focus on serving running stores. It says it partnered with brands like Nike, Brooks, New Balance and Asics, and its technology powers running stores like Reno Running Co. The company positioned itself as servicing the broader local retail sector.
“Fitted is determined to do what it takes to ensure great retailers of all shapes and sizes have the opportunity to flourish,” Keleher said. “We are super grateful for the support of our Idaho investors. The local funding of both our rounds thus far shows us the strong potential of this community.”
This is Epic’s second investment in an Idaho-based company in recent weeks. BoiseDev reported Epic joined in increasing its investment of Shah’s AppDetex.