Including Coalescent Mobile Robotics and Distil.ai: Six retail technology funding rounds you need to know about
RTIH rounds up six retail systems ventures who have recently secured significant investments in their businesses, including Simbe Robotics, RideTandem, and Verity.
1. Distil.ai
Distil.ai, a customer data platform for e-commerce businesses, has raised £1.1 million in a funding round led by Mercia Ventures and supported by angel investors.
The cash will enable the Exeter-based company to enhance its platform and expand its sales and marketing team to help scale the business.
The startup has raised £2 million in total funding to date.
Distil.ai uses AI and machine learning powered data tools to help optimise engagement for customers.
The platform captures buying signals and behaviour across a range of digital platforms then distils the data into a single customer view and categorises customers into segments, enabling companies to channel marketing towards those that drive the best results.
It can provide guidance on how sellers can improve their marketing, what products are selling well and whether they need to broaden or reduce their range, what sales strategies are working and whether targets will be met.
It can also make informed recommendations on discounting strategies and promotions.
2. Algori
Algori, a data insights startup for the consumer goods vertical, has secured €3.3 million in funding.
The seed investment was co-led by Shilling Capital and Change Ventures, and joined by Flashpoint VC.
The round also featured several angel investors, including former Numerator board member and Infoscout CEO Jared Schrieber, who led Numerator to a $1.5 billion exit to Kantar.
It takes Algori’s total funding to €4.3 million.
A number of Algori’s own employees also invested as part of the deal. The firm is currently active in Spain.
It will direct its new funds toward scaling the business in Spain, expanding data science capabilities, and extending operations into new markets in Western Europe.
It says that it overcomes limitations of traditional consumer panels by leveraging data science, machine learning and its own consumer app, which rewards money to users in exchange for providing their shopping data.
Founded in 2019, the Madrid-based company has amassed 50,000 weekly shoppers, allowing it to capture 1 in 400 grocery receipts in Spain.
3. Coalescent Mobile Robotics
Coalescent Mobile Robotics, a Denmark-based provider of autonomous mobile robots (AMRs) for the retail industry, has closed a seed funding round with Superangel and EIFO as lead investors.
The cash, the exact amount of which was not revealed, will be used to develop the next generation of AMRs and expand into European markets.
"We are very excited to be making our first deal in Denmark, given our focus on the Nordics and DeepTech,” says Superangel Venture Partner Kart Siilats.
“We were impressed by seeing the Coalescent Mobile Robotics in action in a Bilka store, how friendly and welcoming both the clients and Bilka employees were towards them and how intuitive and comprehensive the fleet management software is.”
“We think Coalescent Mobile Robotics has demonstrated a great partnership with Bilka and will go on to ease the heavy physical labour in many other stores across the globe, the same way we've seen robots in our other portfolio companies like Starship and Rocsys help their clients.”
4. Simbe Robotics
Simbe, which leverages AI and robotics to provide retailers with real-time insights into inventory and operations, has announced a Series B equity financing round of $28 million, led by Eclipse
“We're honoured to be supported by an investor like Eclipse, with a team that recognises technology's incredible potential to significantly enhance retail operations, as well as greatly improve the customer experience,” says Brad Bogolea, CEO and Co-founder, Simbe.
“Elevating the retail experience for everyone — retailers, their associates, and customers — through AI and robotics is the foundation of Simbe’s mission, and this funding will enable us to share this vision and reimagined experience with more retail partners around the world.”
“As today’s retailers grapple with inaccurate shelf data and antiquated inventory management processes, Simbe is completely revolutionising the industry through AI and robotics, proving to be an invaluable solution that curbs these obstacles,” says Jay Knafel, Partner at Eclipse.
“One of the most challenging aspects of full stack systems is engineering a solution that works. Not some of the time, but all the time, in every customer environment. When we saw Simbe’s solution deployed across the country, in a range of store environments, and performing fully autonomously, we were impressed.”
“Simbe has also designed the most consumer-friendly, compact robot of its kind that fits into any store and with any team, and deploys in hours. Its platform and its volume of data are transforming retail, and we could not be more thrilled to support Brad and his team.”
This latest round of funding follows a Series A in 2019, bringing the total amount raised by Simbe to $54 million.
5. Verity
Verity, an autonomous indoor drone company, has completed an additional $11 million investment in its Series B funding round.
This saw Qualcomm Ventures join a group of backers including A.P. Moller Holding, Exor Ventures, the venture capital arm of Exor (Ferrari, Juventus FC, The Economist), as well as existing investors including Fontinalis Partners, Airbus Ventures, Sony Innovation Fund, ROBO Global Ventures and Verve Ventures.
6. RideTandem
RideTandem has raised £2.3 million in a funding round led by Blackfinch Ventures.
This comes after a seed round raised in May 2022. It brings the total raised by RideTandem to date to £5 million.
RideTandem partners with local taxi, minicab, and coach companies to provide shared commuter services for employers whose staff would otherwise be unable to work due to the cost, inconvenience, or complete absence of existing public transport options.
The startup’s app offers live location features for vehicle tracking, block booking, and flexibility about when payments are taken.
RideTandem operates outside of cities and large towns, in areas across the UK where the problem of transport poverty has the strongest economic and social effects.
Recently acquired customers include DPD, which reports a 50% reduction in per passenger transportation costs and a 38% reduction in the total cost of its employee transport provision, Lidl and Next.
Long-term partners include Royal Mail, Direct Table Foods, First Call Contract Services and Everest People Solutions.
RideTandem Co-founder and CEO Alex Shapland-Howes says: “Even before the cost-of-living crisis hit, public transport outside of big cities was broken – expensive, unreliable, or simply not there for people who need it.”
“Almost 5,000 bus services – more than one in four – were axed between 2012 and 2022. Many that remain, especially outside cities and large towns, are under threat from the recent end of the Bus Recovery Grant. Too many people are left with a stark choice – car ownership, which is itself increasingly prohibitively expensive, or simply not working.”
“That’s not right – it’s not good for individuals and their families, and their social mobility and mental health, or for communities more broadly, and it’s not good for the economy.”
Shapland-Howes adds: “It’s been an incredible year of growth for us, serving new customers, putting on routes in a wider range of regions across the UK, and moving into white-collar use cases alongside our core blue-collar business.”
“We’re proud of the impact we’re making for our passengers and partners – with an NPS score of 81 in our most recent survey the proof of the pudding – but conscious that there is much more to do as the cost-of-living crisis shows no sign of abating.”
“This new funding will enable us to keep enabling people to get to work and supporting businesses with recruitment and retention, both here in the UK and – for the first time – overseas later this year.”
Reuben Wilcock, Head of Ventures at Blackfinch, says: “It’s rare that you come across a business that is generating positive economic, social, environmental impact on such an impressive scale at such an early stage.”
“That’s because to do that you need much more than a good idea and the best of intentions. You need a really solid commercial model to underpin it all – far from being contradictory, profit and purpose can be natural bedfellows.”
“Alex and the team at RideTandem are making a real difference tackling an underestimated social challenge, and building a fantastic business in the process. We’re glad to be part of their journey with this investment.”
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