Genetica raises $500k seed round to make cannabis shopping smarter with AI
Genetica, an AI powered cannabis retail platform, announced the close of its seed round. The round was led by Ensemble, CEO of Talent Resources Ventures and Genetica Adviser Michael Heller, Show Me Organics, Executives from Hara Supply, and Mitchell Harounian. The support from investors allows Genetica to expand into more dispensaries across the country and other retailers outside of the cannabis industry, like grocery stores and pharmacies. The company is on pace to launch its software into more than 350 locations here in the United States and dozens of retail and pharmacy entities internationally over the next quarter.
Genetica's Flora AI, the underlying technology powering its suite of products, brings a new level of detail to consumer experiences in the cannabis and CBD industries. Its flagship product, Flora Match, leverages Flora AI to deliver personalized product recommendations by analyzing over 650 million data points, including in-store inventory, customers' dietary habits, activity levels, age, medical conditions, and desired effects. This state-of-the-art AI tool complements the role of store employees, opening up the potential for upselling and add-on sales, thereby driving revenue growth. The Geneticaproduct suite is set to expand later this year with Flora OS, an all-in-one operating system using AI to optimize all retail operations.
Genetica CEO Ben York brings diversified experience to the Genetica team as an operator and investor in the cannabis industry. "We're so lucky to have this incredible roster of strategic investors on hand to enable our expansion across the US and abroad. Their faith in our mission has empowered us to broaden our scope beyond the cannabis sector. Our ultimate goal is to increase revenues and customer loyalty for a diverse range of retailers through data-driven product recommendations and business insights."
Reed Woodson, Managing Partner, Ensemble: "We're so excited for the next stage of Genetica's development and growth. Their use of AI to personalize the customer experience and unlock new revenue opportunities for retailers is exactly what the cannabis industry needs right now. We're not just investing in a platform, we're investing in the future of retail - one that is data-driven, personalized, and highly effective. We're excited to be part of Genetica's journey as they modernize the cannabis industry and reshape the broader retail sector."