Published December 12, 2020

Palexy raises $1 million in the seed round of financing led by Do Ventures and Access Ventures

Palexy raises $1 million in the seed round of financing led by Do Ventures and Access Ventures

Founded in 2019, Palexy is a technology company that provides end-to-end business solutions to clients. Palexy's flagship Computer Vision and AI algorithms allow physical retailers to get accurate measurements of customers' behaviors and sales staff's performance. The strength of Palexy’s tools lies in the complete and total digitization of all available data sources, mainly from surveillance camera feeds, but also POS data, promotion calendar, even weather reports. The data are then collected, analyzed, and converted into analytics dashboards which help business owners make informed decisions.

The retail segment of Vietnam has great potential, since the country has a predominantly young population, rising middle class, and thriving GDP. However, many individual retailers appear to have stabilized in terms of productivity despite having employed all traditional methods at their disposal. Other retailers face challenges in areas such as expansion, marketing, or dealing with dwindling traffic. Palexy introduces a brand new data-driven mindset to conduct business and powerful tools to help retailers achieve their goals.

"We believe that Palexy will usher in a new era of consistent and continual growth in business empowered by data," says Mr. Dzung Nguyen, General Partner of Do Ventures."There are still many untapped opportunities in the retail market."

Mr. Thong Do, the CEO of Palexy, said that the funding would go towards fine-tuning its products, building its team, and expanding business both locally and regionally.

With over 1600 tech startups, Vietnam is one of the fastest startup scenes in Southeast Asia, and there are plenty of companies that seek to capitalize on the nation's growing retail market. However, Palexy's high-tech solutions require no additional hardware or personnel on the part of the clients, work 24/7, and act like a virtual shopping assistant, security guard, and business consultant all in one. With the funding from Do Ventures, Palexy would also invest in the R&D of new products to benefit current and future clients. 

What separates Palexy from other technology companies is a well-rounded team with robust retail experience. All members of Palexy's consultant team have held high-level positions in retail companies and as such, are equipped to provide fully practical counsel to clients. Furthermore, Palexy is a consummate B-to-B player, dedicated to helping retailers by closely monitoring their progress and providing them with the necessary aid at every step.

For now, Palexy is on track to become the number one digital company for retailers in Vietnam. At some point in the future, Palexy projects to bridge the gap between physical retailers and e-commerce, enabling true omnichannel for clients. 


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