Augmodo, a real-time inventory and task tracker using spatial AI, announced a $37.5 million Series A funding round led by TQ Ventures, with participation from Lerer Hippeau, NewFare, WIN, Interlace, Arena Holdings, and Jefferson River Capital.
Founded in 2023, Augmodo’s SmartBadges create live 3D store maps and recommend actions to store associates, boosting efficiency, accuracy, and store value. Compared to robots, SmartBadges are more frequent, less expensive, and easier to set up, with hardware installed in under 20 minutes and passive data collection capabilities. After a $5.3M seed round last fall, Chemist Warehouse, their pilot customer, invested after reducing stockouts and costs.
The company plans to expand to hundreds of stores by 2025 and over a thousand within 18 months, scaling its retail channels and geographies. SpatialView, their analytics platform, offers real-time store data, eliminating the need for endless staff travel and outdated information.
KEY QUOTES:
“Augmodo was created to transform the physical world of shopping with spatial computing and wearables. Initially, we thought it would take many years to show this much progress toward our goal. We’re proud our team achieved our Series A milestone faster than we anticipated and based on these results, we’re able to continue growing our technology across the world’s most innovative retailers.”
Ross Finman, Founder and CEO at Augmodo
“The simplicity of Augmodo allowed us to test and expand rapidly – and beyond us, we see how that’s driving exceptional demand. Augmodo provides preconfigured kits for associates to simply plug in, charge and go. By providing Spatial AI assistants to our associates, Augmodo has made their role even more critical – they can instantly capture invaluable shelf information multiple times daily.”
Mark Finocchiaro, Managing Partner, CIO & Director at Chemist Warehouse, Australia’s largest pharmacy retailer with 535 locations internationally
“We’re thrilled to partner with Augmodo as they modernize the largest labor workforce in the world. Our strong retail relationships combined with Augmodo’s innovative tech results in a dynamic and strategic partnership that helps retailers and customers provide immediate value today, solving out of stocks, inventory visibility, and in-store tasks, while laying the spatial data groundwork for the future of physical retail. As AI moves into the real world, there is a massive opportunity for enterprise use cases with wearables, the biggest being the physical data challenges in retail.”
Andrew Marks, Co-Managing Partner at TQ Ventures
“Knowing shelf gaps exist so we can diagnose and solve them is one of the biggest challenges of a supplier. We’ve tried other solutions but they only provide a rearview snapshot – Augmodo allows us to be armed with 24/7 strategic information so we can be agile to customer and store demands – Augmodo is the future.”
Christian Armstrong, Chief Customer Officer of L’Oreal Australia / New Zealand
