US-based e-commerce analytics company RetailNext is set to continue its expansion into the Asia-Pacific region after securing investment from Singapore-based EDBI, the corporate investment arm of the Singapore Economic Development Board.

RetailNext develops tools and technologies that use internet-of-things (IoT) analytics to help optimise the shopper experience at brick-and-mortar stores.

According to company, more than 300 retailers in more than 60 countries have adopted its analytics software and retail expertise to better understand the shopper journey in order to increase same-store sales, reduce theft and eliminate unnecessary costs.

"The opportunity to bring EDBI into our business allows us to leverage not only its deep understanding of the Singapore and APAC regional operating environment, but also its extensive technology expertise and industry knowledge as RetailNext aggressively captures new business opportunities in the region's retail industry," says Alexei Agratchev, co-founder and chief executive officer of RetailNext.

According to RetailNext store deployments have grown by more than 300% in the last 12 months and the expansion opportunities have led to the company more than doubling the size of its regional offices headquartered in Singapore.

"As a leading player in its industry, RetailNext enables consumer business owners to gain valuable insights on their customers while providing them with superior shopping experiences," adds Swee-Yeok Chu, chief executive officer and president of EDBI. "EDBI is pleased to support RetailNext's growth strategies to extend its footprint in Asia as it builds its data innovation and software development activities in Singapore.