Syrup – a company that provides AI-powered planning, buying, and inventory optimization for omnichannel commerce – recently announced a $17.5 million Series A funding round. Accel Partners led the funding round with participation from existing investors Gradient Ventures and 1984 Ventures.
The increased accuracy in forecasting takes the guesswork out of merchandise planning, helping reduce overproduction. And the Syrup solution connects inventory data with a unique mix of historical, transactional, and real-time data so that planning teams can confidently make optimal decisions.
The cost of stockouts and wasted inventory is a $250 billion problem in the apparel and footwear space alone. And the early results include a 46% increase in forecast accuracy compared to a major incumbent provider. Another customer improved in-stock rates by 8.4% YoY during an 18-store growth surge, all while capturing a 3.1% margin increase.
To support expansion, Syrup will build on its world-class machine learning talent, growing its team across engineering, product, and sales.
KEY QUOTES:
“Our goal is to help brands sell more and waste less, every day. Advancements in AI allow us to deliver inventory forecasts at the item x size x color level — much more granular than what current practices allow for.”
– James Theuerkauf, CEO and Co-founder of Syrup Tech
“We love working with Syrup because their technology solves an age-old problem for brands… getting our products to where customers will buy them. Even better, the forecast accuracy enables us to achieve our sustainability goal of producing just enough product to meet demand.”
– Alex Faherty, CEO and Co-founder, Faherty Brand
“In a world with recurring supply chain disruptions, true omnichannel networks, and sustainability-minded consumers, there is a need for next-generation systems. We believe Syrup Tech is well positioned to lead in the next wave of AI-powered retail technology.”
– Sara Ittelson, Partner at Accel
