RADAR – a technology platform that combines RFID and computer vision technology to track and precisely locate in-store inventory with 99% accuracy – announced it secured $30 million in Series A funding, bringing its total funding to date to $63 million. This funding round was led by returning investor Align Ventures, with participation from RX Ventures, the corporate venture capital fund of South American retailer Lojas Renner, and several other renowned retail investors. RADAR plans to use the new investment to expand its customer roster, accelerate product development efforts, and hire top engineering, product, and sales talent.
The other participants in Radar’s Series A round include The Ferrante Group, Future Archives and Leeds Holding. And earlier investors in the company include Y Combinator, Founders Fund Pathfinder, Silas Chou’s Novel TMT Ventures, NTT DOCOMO, Beanstalk Ventures and Ashton Kutcher’s Sound Ventures.
RADAR’s AI-powered inventory-tracking platform helps brand teams with the inventory knowledge they need to consistently elevate the in-store customer experience, ensuring store associates always know what product is available on-site and where it’s located. And the solution drives efficiency and enables employees to serve customers more efficiently, replenish products on the sales floor, and fulfill online orders that customers pick up in-store. Plus, the platform’s analytics help inform inventory decisions and ensure that brands always stock the right products in the right locations.
The company recently announced that American Eagle Outfitters is launching its inventory-tracking technology in approximately 500 American Eagle stores across the U.S. And RADAR is currently piloting its platform with two other Fortune 500 retailers.
KEY QUOTES:
“Every retail brand is looking to operate more efficiently in this uncertain macroeconomic environment and having complete visibility into store inventory, including knowing exactly where every product is located, is key to that. We’re thrilled to join forces with this prestigious group of investors as we help brands empower their sales associates with the inventory information they need to consistently deliver a great customer experience.”
— Spencer Hewett, Founder and CEO of RADAR
“By using AI to unlock the true potential of RFID in inventory management and store operations, RADAR has achieved a goal the retail industry has been chasing for more than 20 years. RADAR’s affordable inventory-tracking technology has been proven to deliver a sales lift of up to 12% in stores and to virtually eliminate overstocks. We’re proud to partner with Spencer and the rest of the RADAR team as they enable retailers and brands to precisely manage inventory, boost revenue and provide store associates with the knowledge they need to quickly locate products and better serve their customers.”
— Ben Bryce, Managing Partner, Align Ventures
