<\/p>\n
\n\tVerneek, the deep-tech enterprise AI company, plans to expand its European business by establishing an office in Luxembourg. <\/p>\n
\n\tThis would be the New York-based company\u2019s first office in Europe. The maneuver is subject to final agreements, so details on the timing of the opening and staffing were not available at this time. <\/p>\n
\n\t\u201cRetail and wholesale together are Europe\u2019s largest private-sector employer. Companies across the sector face mounting operational headwinds \u2014 the kinds of challenges our AI-native operating platform is designed to address,\u201d Dr. Nasrin Mostafazadeh, cofounder and chief executive officer of Verneek, said in a statement. \u201cWe are excited to support our European retail partners more closely as we work to establish our first European office.\u201d<\/p>\n
\n\tMostafazadeh said the expansion would give Verneek \u201ca strong foundation for global growth and advances our mission to help Europe\u2019s consumer enterprises grow their top line, optimize their bottom line and delight shoppers, as we have done for years in the U.S.\u201d She founded Verneek five years ago with her husband, Dr. Omid Bakhshandeh.<\/p>\n
\n\tThey indicated they selected Luxembourg because of its central location in Europe, multilingual business and technology community, connectivity to major markets, and active role in shaping and implementing European Union-wide policies and solutions.<\/p>\n
\n\tLuc Decker, consul general of Luxembourg in New York, said in his statement: \u201cVerneek\u2019s intention to establish its first European office in Luxembourg represents an opportunity to build local expertise and help European businesses put artificial intelligence to practical use. We look forward to supporting Verneek\u2019s founders as they work to establish the company\u2019s presence in Europe.\u201d<\/p>\n
\n\tVerneek is AI-native and domain specific, meaning it\u2019s not a firm migrating to AI, and not a large language model. It\u2019s focused on retail and transforming enterprise data into vertically integrated custom solutions for front- and back-office operations. It breaks down, as Mostafazadeh said an interview with WWD earlier this year, \u201cthe silos that retailers have been living with.\u201d She and her husband both have Ph.D.s in \u201cdialogue agents,\u201d which is AI software that simulates human conversation through text or voice.<\/p>\n
\n\tVerneek\u2019s technology aims to boost efficiencies, reduce manual labor, enhance the consumer experience and raise profitability. Officials said Nordstrom is an \u201canchor partner\u201d and that Verneek has several other clients it will disclose in the future.<\/p>\n
\n\tGeoffroy van Raemdonck, CEO of the Exemplar Luxury Group which operates Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, is among Verneek\u2019s minority shareholders; Mostafazadeh and her husband are the majority owners.<\/p>\n
\n\tVerneek indicated that its technology supports tens of millions of consumers and several hundred thousand employees, helping consumer enterprises increase productivity, accelerate decision-making and create deeply personalized customer experiences. Verneek helps consumer enterprises deploy AI-native solutions across business functions \u2014 from supply chain, merchandise planning, marketing, store operations and customer care to e-commerce use cases like search and discovery.<\/p>\n
#Firm #Verneek #Plans #Europe #Expansion<\/p>\n","protected":false},"excerpt":{"rendered":"
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