Gap Inc. acquires AI CB4 startup
SAN FRANCISCO & NEW YORK & TEL AVIV, Israel – (COMMERCIAL THREAD) –Gap Inc. (NYSE: GPS) acquired the New York and Tel Aviv-based startup Context-Based 4 Casting Ltd. (CB4) which uses cutting-edge artificial intelligence and machine learning tools to transform retail operations, increase sales and improve customer experience through predictive analytics and demand sensing.
“We believe artificial intelligence and machine learning will shape the future of our industry. Gap Inc. has experience working with the world-class data scientists at CB4, so we understand the impact and broad applications their science can have on sales, inventory, and consumer information, as well as its potential for unleashing value and improving the customer experience, ”said Sally Gilligan, Director of Growth Transformation and Head of the Strategic Growth Office at Gap Inc.
The deal was negotiated by the strategic growth office of Gap Inc., a unit of the company that seeks opportunities to fuel growth and accelerate new capabilities across its portfolio of brands.
CB4’s award-winning technology makes recommendations that support new sales and happier customers. Funded by investors such as Sequoia Capital, CB4’s technology has been implemented by retailers such as Levi’s, Urban Outfitters, Lidl, and Kum & Go.
In February 2021, market research firm CB Insights named CB4 in its first Retail Tech 100 ranking, which features the 100 most promising B2B retail technology companies in the world.
As part of the acquisition, the CB4 team will join Gap Inc. as full time employees.
CB4 CEO Yoni Benshaul commented, “CB4 AI helps increase sales and improve customer experience. As we join Gap Inc., I am excited to see how our team can make an even wider and deeper impact on a global corporate scale.
Since moving to the cloud in October 2020, Gap Inc. has increased its investments in technology to enable growth and innovation that can impact its entire brand portfolio.
Earlier this year, the Strategic Growth Office led the acquisition by Gap Inc. of Drapr, an e-commerce startup that powers 3D-fit technology and virtual fitting rooms to reduce online returns, and also participated in the latest round of funding for obey fitness, a digital fitness platform that partners with Gap Inc.’s Athleta brand to bring entertainment, pop culture and design to fitness.
CB4 creates simple and revolutionary solutions that make the shopping experience easier and more rewarding for store teams and customers. Professor Irad Ben-Gal and Dr Gonen Singer founded CB4, following an innovative research project at Tel Aviv University. Yoni Benshaul joined early to lead the company as CEO. CB4 is headquartered in New York with offices in Tel Aviv Israel and London. www.cb4.com
About Gap Inc.
Gap Inc., a collection of lifestyle-focused brands, is America’s largest specialty apparel company offering apparel, accessories and personal care products for men, women and children under the Old Navy, Gap, Banana Republic and Athleta. The Company uses omnichannel capabilities to bridge the digital world and physical stores to further enhance its shopping experience. Gap Inc. is driven by purpose, inclusive, by design, and pride themselves on creating products and experiences our customers love while doing the right thing for our people, communities and the planet. Gap Inc. products are available for purchase worldwide at company-operated stores, franchise stores, and e-commerce sites. Net sales for fiscal 2020 were $ 13.8 billion. For more information, please visit WWW.GAPINC.COM.