Vue.ai raises $17 million for AI-driven retail products

AI in commerce is a fast-growing -- and highly lucrative -- industry. A recent report published by Juniper Research predicts that global retail spending on AI and machine learning will reach $7.3 billion per year by 2022, up from an estimated $2 billion in 2018. Stores with and without brick-and-mortar presences cite cost savings, increased productivity, and more informed business decision-making as the leading adoption drivers; that's part of the reason why retail AI deployments experienced a sevenfold increase from 2016, according to Capgemini. Vue.ai is looking to cash in on the trend, and it's raising venture capital to lay the stage for its next round of growth. The Fremont, California-based subbrand of AI startup Mad Street Den today announced that it's raised $17 million in a series B financing round led by Falcon Edge Capital, with participation from Sequoia Capital India and KDDI Innovation Fund's Global Brain.