US-based retail planning solutions firm Relex Solutions has secured $200m in funding from growth equity firm TVC in line with expansion plans.

Relex offers end-to-end retail planning solutions to major retailers such as Coop Denmark, Franprix, MediaMarkt, Morrisons, PartyCity, Rossmann and WHSmith.

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The company will use the investment to grow the business, as well as enhance retail planning.

The company’s solution allows retailers to enhance business by supporting them for accurate forecasting and replenishment, localised assortments, profitable use of space and optimised workforce planning.

“Our vision is to change how the field works by driving a more responsive unified planning process.”

Relex Solutions CEO Mikko Kärkkäinen said: “The development of retail and supply chain planning has been held back by siloed organisations and limitations in how technologies integrate.

“Our vision is to change how the field works by driving a more responsive unified planning process.

“We are already off to a good start – now we will increase our speed by accelerating our product development ambitions, hiring more tech talent and investing further into the development of our organization as well as further expanding our retail-specific machine learning and AI capabilities that complement our core data processing platform.”

In addition, the company’s founders Kärkkäinen, Johanna Småros and Michael Falck will continue in their senior management roles and will focus on executing the company’s strategies.

Summit Partners, an existing investor in Relex, will continue to hold an equity stake in the business as well as a seat on the company’s board of directors.