Augmodo is a real-time inventory and task tracker that uses wearable SmartBadges to create live 3D store maps. And the company announced it has raised $5.3 million in seed funding.
This funding round was led by Lerer Hippeau, with participation from Dunnhumby Ventures, NewFare Partners and Simple Food Ventures, brings together a broad range of strategic investors who share Augmodo’s vision for the next generation of retail.
Augmodo’s proprietary SmartBadges are based on a Spatial AI assistant for store associates. This assistant recommends actions and tasks to increase efficiencies, including restocking shelves, placing orders, and improving compliance. It also saves stores time and money and improves retailer, associate, brand, and shopper experiences.
SpatialView is Augmodo’s analytics platform for retail executives and brand partners, which offers real-time visibility into shelf conditions.
This funding will power several pilots in 2024 with both brands and retailers. Augmodo has filed four patents to date and will use this capital to scale pilots and continue building the business.
KEY QUOTES:
“Artificial Intelligence is already changing retail, and new advances in AR and spatial computing are about to completely transform the physical world of shopping as we know it. We’re deploying our technology across the world’s most innovative retailers to provide their associates with Spatial AI assistants, empowering their workforces to drive revenue and improve shopping experiences for all parties, making store associates even more valuable to their employers.”
”We’re excited to work with leading retailers and brands on several pilots in multiple countries to develop Spatial AI purpose-built for retail use, which will save millions of dollars related to auditing, non-compliance and inefficiencies, so retailers and brands can pass those savings to consumers. Developments in AI technology are finally moving quickly enough to be applied productively to the retail arena – and this is just the beginning.”
-Ross Finman, Founder and CEO at Augmodo
“Our retail associates are our best assets, and they have critical job responsibilities on store floors, such as selecting ecommerce orders, stocking shelves, updating promotions and assisting customers. That’s why we’ve aligned with Augmodo- associates simply wear the SmartBadges™ as part of their uniform and they’re able to instantly capture invaluable shelf information multiple times per day and cut down on tedious, time-consuming tasks.”
“Instead of traveling endlessly to store locations, or viewing week- or month-old data, business leaders can see inside any store from their laptop. It’s a source of truth for what’s really happening at the shelf, all in real-time. It’s a game changer.”
-Mark Finocchiaro, Managing Partner, CIO & Director at Chemist Warehouse, Australia’s largest pharmacy retailer with 535 locations in Australia and internationally.
“We’re thrilled to partner with Augmodo as they bring spatial computing to retail at scale and modernize the labor workforce. Augmodo’s system can be implemented in retail stores in less than 20 minutes, costs 100x less than alternatives and requires no operational changes for managers and associates. Ross and team are well-positioned to deploy this technology thoughtfully and rapidly, for the benefit of all constituencies.”
-Isabelle Phelps, Partner at Lerer Hippeau
