TLDR:
- Gather AI, a company providing AI-driven warehouse inventory monitoring solutions, raised $17 million in a Series A-1 funding round.
- The funding will be used to scale operations and attract more customers by solving supply chain issues with richer data and AI.
Gather AI, a company known for its computer vision and AI-powered warehouse inventory monitoring solutions, recently announced a $17 million Series A-1 funding round. The round was led by Bain Capital Ventures with participation from Tribeca Venture Partners, Dundee Venture Capital, Expa, and Bling Capital, bringing the total raised to $34 million.
One of the key issues that Gather AI is addressing is the low accuracy of inventory counts that companies face when using barcode scanning for cycle counting. This can lead to significant revenue loss in missed orders and cost businesses hundreds of thousands yearly per warehouse. Gather AI automates inventory visibility challenges through autonomous drones, providing richer data than traditional barcode scanning methods.
Through the Gather AI solution, drones can fly autonomously through warehouses and scan 15 times faster than traditional means. The AI software can infer bar codes, text, empty locations, and other inventory-related information in images, automatically comparing them with what’s in the warehouse management system. This enables warehouse managers to view inventory data in real-time from a web dashboard.
Gather AI’s customers, which include NFI, GEODIS, DSV, Barrett Distribution, and DPI Specialty Foods (KeHE), have seen an ROI of 3x to 5x and a 66% reduction in warehouse inventory database errors. The company doubled the number of warehouses it serves last year and increased bookings by 2.5x. With strong market demand, Gather AI is expected to triple its operations this year.
Founded in 2017 by Sankalp Arora, Daniel Maturana, and Geetesh Dubey, Gather AI has expertise in deep learning, autonomy, and computer vision. The company’s innovative technology has seen significant commercial adoption, setting it apart from other venture-backed startups in the space.
Overall, Gather AI’s cutting-edge solutions have the potential to transform supply chain traceability with AI-powered cameras, similar to the impact that barcodes had in the 1980s. With a focus on leveraging AI and software in the physical world, Gather AI is poised for continued growth and success in the industry.
