RADAR lands $30 million in Series A funding round led by Align Ventures and featuring RX Ventures
RADAR, a platform that combines RFID and computer vision technology to track and locate in-store inventory, has secured $30 million in Series A funding, bringing its total funding to date to $63 million.
The round was led by returning backer Align Ventures, with participation from RX Ventures, which is the corporate venture capital fund of South American retailer Lojas Renner, and several other retail investors.
RADAR plans to use the cash to expand its customer roster, accelerate its product development efforts, and hire engineering, product and sales talent.
“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,” says Spencer Hewett, Founder and CEO at RADAR.
“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.”
“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,” says Ben Bryce, Managing Partner, Align Ventures.
“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.”
Other participants in Radar’s Series A round include The Ferrante Group, Future Archives and Leeds Holding. 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 recently announced that American Eagle Outfitters is launching its inventory tracking technology in approximately 500 American Eagle stores across the US. The company is also currently piloting its platform with two other Fortune 500 retailers.
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