World-renowned AI visionary and CMU Alum Andrew Ng of Coursera and Google Brain has chosen Pittsburgh as the home base for new AI business

PITTSBURGH, Dec. 1, 2022 /PRNewswire/ — Magarac Venture Partners (MVP), a Pittsburgh-based venture capital firm focused on partnering with forward-thinking entrepreneurs to shape the future through technology, today announced the closing of a $5M seed round for Netail. This new AI technology enables retailers to auto-identify competitors across the internet and track their assortments, availability and pricing in real-time. Developed in concert with Landing AI, Netail will use the funding to enhance current product offerings and expand the current team of retail, AI, and software engineers with Pittsburgh-based talent.

“At Magarac, we look for companies like Netail that have an eye to the future. In this case, as retail is changing before our eyes, Netail’s AI will provide retailers with actionable data that they can’t get any other way,” said Jay Katarincic, Partner at MVP. “We are thrilled to partner with Mark and Andrew on this next stage of the company and look forward to supporting the next generation of Pittsburgh-based entrepreneurs.”

Netail’s funding comes at a time when U.S. retail e-commerce sales are expected to top $7.9 trillion in 2026, according to a forecast from Statista. Consumer behavior has changed, and the majority of purchase decisions are now made online via searches, marketplaces, and social media. Last year, retail sales in the United States alone valued at $6.58 trillion.

Founded in 2021 by Mike Stubler, Jay Katarincic, Zach Malone (former colleagues at Draper Triangle Ventures) and Will Allen, MVP is committed to supporting entrepreneurs in the Midwest and engages deeply with founders to help lay the foundation for long-term success through signature company-building skills while providing a vast range of resources.

“As shopping has been transformed, retailers need to recognize that their competitive universe has expanded a thousand-fold and as a result, competitive pricing, features, availability, and convenience are central to a daily battle to win each and every customer,” said Netail CEO Mark Chrystal. “We are extremely appreciative to have the support of the Magarac team and look forward to building the next generation of retail.”

Chrystal will now develop Netail’s breakthrough artificial intelligence (AI) technology in Pittsburgh, the home of Carnegie Mellon University, while retaining a presence in Palo Alto. A town once at the center of the American steel industry, Pittsburgh is now a hub for technology, manufacturing, healthcare and education. Channeling this unique blend of AI and machine learning talent originating from Carnegie Mellon, Netail will increase recruitment in the greater Pittsburgh region to help drive growth, innovation and job creation.

For more information, please visit https://netail.ai/ or https://www.magarac.vc/. 

About Magarac Venture Partners

Magarac Venture Partners (MVP) is a Pittsburgh-based venture capital firm with a focus on investing in early-stage companies in the emerging areas of Robotics, AI, Enterprise Software and HealthTech. Our team is composed of the most experienced early-stage investors in the Midwest with over 50 years of operational and investment experience. MVP believes that great ideas and leadership can come from anywhere and actively seeks out such opportunities to provide diversified exposure to the fastest-growing tech ecosystem in the United States. Inclusion is the thread of what we do. MVP has consistently experienced outsized returns by having access to and investing in diverse and exceptional founders. For more information, please visit https://www.magarac.vc/.

About Netail

Netail is a retail-focused technology suite that combines data-centric AI with decades of merchant expertise to better attract, convert and retain customers. On a mission to optimize every decision with best-in-class AI that learns from category experts, Netail creates high-impact and measurable value for consumer-focused businesses, their stakeholders and employees. Founded in 2022 and located in Palo Alto, Hong Kong and Pittsburgh, Netail is working to push the boundaries of what is possible for consumer-focused AI. The company is backed by Magarac Venture Partners, AI Fund and HKSTP Ventures. Learn more at https://netail.ai/.

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SOURCE Magarac Venture Partners