Simbe, which leverages AI and robotics to provide retailers with real-time insights into inventory and operations, has announced a Series B equity financing round of $28 million, led by Eclipse.
“We’re honoured to be supported by an investor like Eclipse, with a team that recognises technology’s incredible potential to significantly enhance retail operations, as well as greatly improve the customer experience,” says Brad Bogolea, CEO and Co-founder, Simbe.
“Elevating the retail experience for everyone — retailers, their associates, and customers — through AI and robotics is the foundation of Simbe’s mission, and this funding will enable us to share this vision and reimagined experience with more retail partners around the world.”
Nearly 30% of surplus food in grocery ends up in landfills – costing the industry & our planet. AI solutions have the power to reduce food waste & ultimately emissions with accurate inventory insights. Learn how tools like Simbe can support this #EarthDay https://t.co/A9IKRRbZCw
— Simbe Robotics (@simberobotics) April 19, 2023
“As today’s retailers grapple with inaccurate shelf data and antiquated inventory management processes, Simbe is completely revolutionising the industry through AI and robotics — proving to be an invaluable solution that curbs these obstacles,” says Jay Knafel, Partner at Eclipse.
“One of the most challenging aspects of full stack systems is engineering a solution that works. Not some of the time, but all the time, in every customer environment. When we saw Simbe’s solution deployed across the country, in a range of store environments, and performing fully autonomously, we were impressed.”
“Simbe has also designed the most consumer friendly, compact robot of its kind that fits into any store and with any team, and deploys in hours. Its platform and its volume of data are transforming retail, and we could not be more thrilled to support Brad and his team.”
“A sizable percentage of global GDP is tied up in inventory,” adds Lior Susan, Founding Partner at Eclipse.
“For retailers, mismanaged inventory is a $2 trillion problem and it’s clear the industry needs better tools that allow retailers to understand how their stores are operating in real-time, in order to enhance the in-store experience for all.”
“Simbe has demonstrated the power of AI and data driven solutions for driving sales, improving margins, increasing resilience within the retail industry, and ultimately, contributing to continued economic growth.”
This latest round of funding follows a Series A in 2019, bringing the total amount raised by Simbe to $54 million.
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