Real-Time Inventory and Task Tracker Raises Seed Funding for Wearable Tech
Augmodo, the only real-time inventory and task tracker using wearable SmartBadges™ to create live 3D store maps, announced it raised $5.3 million in seed funding. The round was led by Lerer Hippeau, with participation from Dunnhumby Ventures, NewFare Partners and Simple Food Ventures, bringing together a broad range of strategic investors who share Augmodo’s vision for the next generation of retail.
“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.”
Augmodo’s proprietary SmartBadges™ are powered by a Spatial AI assistant for store associates, which recommends actions and tasks to increase efficiencies, including restocking shelves, placing orders and improving compliance, saving stores time and money and improving retailer, associate, brand and shopper experiences. Retailers lose $1.75 trillion in revenue worldwide due to out-of-stocks, preventable returns and overstocks and Augmodo’s tech will help curtail the 11.7% of lost revenue from store inefficiencies and data disconnects.
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“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,” said Ross Finman, Founder and CEO at Augmodo. “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.”
“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,” said Mark Finocchiaro, Managing Partner, CIO & Director at Chemist Warehouse, Australia’s largest pharmacy retailer with 535 locations in Australia and internationally.
SpatialView™ is Augmodo’s analytics platform for retail executives and brand partners, which provides real-time visibility into shelf conditions. “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,” said Finocchiaro.
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“We’re thrilled to partner with Augmodo as they bring spatial computing to retail at scale and modernize the labor workforce,” said Isabelle Phelps, Partner at Lerer Hippeau. “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.”
This influx of capital 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.
”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,” said Finman. “Developments in AI technology are finally moving quickly enough to be applied productively to the retail arena – and this is just the beginning.”
