Wayvee Analytics is a retail tech company that is offering an innovative solution for real-time Customer Satisfaction (C-SAT) and engagement monitoring in brick-and-mortar stores. Pulse 2.0 interviewed Wayvee Analytics Co-Founder and Chief Product Officer Alex Ovcharov to learn more about the company.
Alex Ovcharov’s Background
What is Alex Ovcharov’s background? Ovcharov said:
“My journey to founding Wayvee has been shaped by a blend of experiences. At Shazam Eastern Europe, I led the development of ad products and launched the company’s first augmented reality (AR) campaign, which sparked my interest in how unconscious reactions inform behavior.”
“Through AR projects, I explored the connection between facial expressions and emotional responses, leading to starting my other company Sensemitter, which focuses on Emotion AI analytics in gaming. Even back in 2020, I was hearing from companies in sectors like retail and banking about their interest in adopting such technology. However, technological limitations and privacy concerns made progress difficult.”
“As I delved deeper into neuroscience and customer behavior analytics, it became clear that businesses needed better ways to understand their customers — especially in light of the growing e-commerce landscape. Traditional tools for offline environments have limitations, being either slow to respond or invasive as they rely on cameras and microphones. That’s how we started working on innovative emotion recognition technology that addresses these challenges while maintaining user privacy.”
Formation Of Wayvee Analytics
How did the idea for the company come together? Ovcharov shared:
“In May 2023, I came across an article on how human movements can be tracked through wireless signals. It explained how Wi-Fi-based devices could detect even the slightest position changes, and that got me thinking — if they can pick up on movement, why not heart rate and breathing too? Both are vital indicators of emotional states.”
“So, together with Viacheslav Matiunin, our CTO at Wayvee and a physicist with experience in data analysis for the LHCb experiment at CERN, we set out to test this idea using a standard Wi-Fi router. The results exceeded expectations, performing even better than the custom-built device discussed in the article. The team developed an algorithm that could analyze breathing patterns received from radio waves. This success led us to develop our MVP and eventually our own 4D radar: the Wayvee sensor.”
Favorite Memory
What has been Ovcharov’s favorite memory working for the company so far? Ovcharov reflected:
“One of the most memorable moments for me at Wayvee was when Viacheslav and I managed to create our first breathing-detection algorithm on a standard Wi-Fi router. When it started accurately picking up on subtle breathing patterns, it felt like a major breakthrough. Then, building a neural network that could interpret this data — all from just radio signals — was truly incredible. Reaching a 0.7 accuracy on such an experimental setup set the foundation for everything we’re doing today.”
Core Products
What are the company’s core products and features? Ovcharov explained:
“Our main product is the Wayvee sensor, designed as a smart shelf solution but applicable to work on displays, in-store media, and POS systems. This device receives radio signals, which are processed through our machine learning algorithms to generate insights into customer emotional responses. These insights translate into metrics like Customer Satisfaction (C-SAT) score, average dwell time, engagement numbers, average customer speed, and, even purchase intent. Retailers can access these real-time analytics through our data dashboard.”
“One of the great features is the alert system. It allows clients to receive notifications when customer satisfaction scores drop, whether for groups or an individual. This enables retailers to address potential issues immediately, which can make a huge difference in the shopping experience.”
Challenges Faced
What challenges have Ovcharov and the team face in building the company? Ovcharov acknowledged:
“As a founder, the challenge we face isn’t just about standing out in a competitive field — it’s about helping retailers make sense of so many tech options. With such a variety of solutions, it naturally takes time for them to evaluate, test, and ensure a solution will genuinely solve their key issues. The recent boom in AI has added even more choices to the table, so retailers now need to identify the right fit among a growing pool of innovative providers. That said, we’re very optimistic. Our technology brings something entirely new to the market, and the interest we’re seeing is strong — many retailers are already turning that interest into pilot projects, which is a great validator.”
Evolution Of Wayvee’s Technology
How has the company’s technology evolved since launching? Ovcharov noted:
“First, there’s the accuracy: we’re constantly refining it to ensure that the insights we deliver are as precise as possible. Our technology is truly fascinating, and the more data we train, the more insights we uncover. As we analyze the incoming data, we’re also realizing that we can offer even more metrics and capabilities than we initially imagined.”
“Recently, for example, we discovered that our algorithms can now gauge purchase intent, even highlighting missed sales opportunities due to product pricing. This is groundbreaking because it means we can potentially support real-time dynamic pricing adjustments based on customer reactions. To my knowledge, no other solution on the market is capable of this level of detail. It’s incredibly exciting to think about the impact this could have on retail pricing strategies.”
Significant Milestones
What have been some of the company’s most significant milestones? Ovcharov cited:
“Securing our first pilot projects in August was a major milestone. Over the past year, we’ve been deeply focused on R&D, perfecting our technology and building the product from the ground up. Now, seeing it enter the real world with these initial pilots is rewarding and a key step in validating our hard work.”
Customer Success Stories
When asking Ovcharov about the company’s success stories, he highlighted:
“We recently launched a pilot program with a sneaker store, which showcased how even small adjustments can make a big difference. In this case, we found that customer speed had a direct correlation with purchases: the faster they moved through the store, the more likely they were to buy. Surprisingly, sales assistants were actually slowing down the process, unintentionally creating a barrier to sales. We suggested reducing staff involvement during peak hours, and this led to an increase in purchases. It’s great to see how fine-tuning these details can enhance store performance!”
Funding
When asking Ovcharov about the company’s funding details, he revealed:
“We’ve just secured $5 million in our Pre-Seed round and are preparing to kick off our Seed round soon.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Ovcharov assessed:
“In the U.S., there are about 250,000 fashion and grocery stores, with 3,408 retail clients generating over $100M annually. Estimating that 25% of them are potential clients, our U.S. TAM is roughly 900-1,000.”
“Globally, we can double that number, giving us a total of around 2,000 clients worldwide. If we expand beyond fashion and grocery, our TAM increases to 7,000. Including fast food as a relevant sector could bring our TAM to 8,000-9,000 clients.”
Differentiation From The Competition
What differentiates the company from its competition? Ovcharov affirmed:
“Our main advantage, compared to our competitors, is that we offer an all-in-one solution We provide real-time insights and in-depth analytics without relying on cameras or other privacy-intrusive methods. Many existing tools either lack real-time capabilities or use cameras, which raise privacy concerns. For example, the most common method for evaluating customer satisfaction is through surveys, which gather feedback from only a small fraction of customers, with slow data processing that happens quarterly. This is inefficient for retailers who need up-to-date information on a daily basis.”
“In terms of privacy, we don’t use cameras or microphones. Instead, we gather data from radio signals in a 100% anonymous manner. We can’t identify individuals; to us, it’s simply customer one, customer two.”
Additional Use Cases
Beyond retail, what are some other applications of Wayvee’s technology? Ovcharov spotlighted:
“Currently, our algorithms are specifically tailored for the retail environment, but the potential applications extend far beyond that. The technology could be highly valuable in sectors where customer experience plays a crucial role, such as banking or hospitality. “
“Beyond business applications, it could be adapted for use in workplace environments, where it could monitor emotional engagement to better understand employees, improve working conditions, predict dissatisfaction or burnout, and help reduce turnover.”
“Even in the realm of smart homes, this technology could take user experience to the next level. Imagine music that adapts to your mood, personalized movie recommendations from streaming services like Netflix, dynamic lighting adjustments, or even customized advertising on smart TVs based on your emotional state.”
Future Company Goals
What are some of the company’s future company goals? Ovcharov concluded:
“Our key focus is entering the U.S. market and securing a pilot project with a U.S.-based retailer. The U.S. market presents significant potential, with retailers often leading the way in adopting innovative solutions and technologies, especially when it comes to automation and real-time insights that enable data-driven decision-making.”
