Featuring Wayve, Pipedream and Invent Analytics: five retail technology funding rounds you need to know about
RTIH rounds up five retail systems ventures who have recently secured significant investments in their businesses, including companies specialising in hyperlogistics, embodied AI for autonomous driving, and increasing the shelf-life of food produce.
1. Pipedream
Pipedream has announced a $13 million seed raise led by Starship Ventures as it continues to scale underground logistics for its customers.
There was also participation from Cortado Ventures, Myelin Ventures and other angels and firms.
The capital will be used to speed up delivery of Instant Pickup to its customers and to begin construction on the first large scale middle mile network in a city.
In an online post, Garrett McCurrach, CEO at Pipedream, said: “Our long-term goal is to make hyperlogistics a reality by the end of this decade. Hyperlogistics is achieved when people in a city can receive things in under ten minutes for less than a dollar and send back that item just as easily as it was received.”
“To do this, we need to make moving goods around a city and through buildings, as easy and painless as it is to move water.”
2. Invent Analytics
Invent Analytics, a retail planning solutions provider, has secured $17 million in Series B funding.
The round was led by LFX Venture Partners, in partnership with existing investors European Bank for Reconstruction and Development (EBRD) and Collective Spark.
The company has raised $24.5 million in total to date.
John Seung, Managing Partner, LFX Venture Partners, says: “We’re on a mission to build a better, more efficient, and sustainable global supply chain.”
“We chose to invest in Invent Analytics for its innovative AI decisioning technology and ability to accelerate retailer planning capabilities to create direct bottom-line return on investment.”
3. Made With Intent
Made With Intent, a UK startup that has developed a platform helping online retailers to understand and target customer intent, has raised £1.5 million.
Led by Mercuri, with Portfolio Ventures and previous investors Haatch following, the seed funding will support the fully remote team of 15 with their product, marketing and partnership efforts.
Made With Intent has raised £2.1 million in total to date.
The idea came after the founder, David Mannheim, recognised a fundamental flaw in online retail strategies. After 15 years of optimising conversion rates in e-commerce, he realised the industry’s fixation on conversion metrics was the very thing holding it back.
4. Wayve
Wayve has announced a $1.05 billion Series C investment round led by SoftBank Group with contributions from new investor NVIDIA and existing backer Microsoft.
Founded in 2017, the British company specialises in embodied AI for autonomous driving, having been the first to develop and test an end-to-end (e2e) deep learning autonomous driving system on public roads.
It is now building foundation models for autonomy, similar to a ‘GPT for driving,’ that can enable any vehicle to see, think, and drive through any environment.
Alex Kendall, Co-founder and CEO at Wayve, says: “Our vision is to develop autonomous technology that not only becomes a reality in millions of vehicles but also earns people’s trust by seamlessly integrating into their everyday lives to unlock extraordinary value.”
“This significant funding milestone highlights our team’s unwavering conviction that embodied AI will address the long-standing challenges the industry has faced in scaling this technology to everyone, everywhere.”
“Our collaboration with SoftBank, NVIDIA, and Microsoft will help advance our mission to redefine driving with AI at the core.”
“This investment will enable us to develop and launch our first embodied AI products for the automotive industry, empowering OEMs to provide consumers with trustworthy and beneficial automated driving experiences.”
Kentaro Matsui, Managing Partner at SoftBank Investment Advisers, Head of the New Business Office at SoftBank Group and Board Member at Wayve, says: “AI is revolutionising mobility. Vehicles can now interpret their surroundings like humans, enabling enhanced decision-making that promises higher safety standards.”
“The potential of this type of technology is transformative; it could eliminate 99% of traffic accidents. SoftBank Group is delighted to be at the forefront of this effort with Wayve, as advanced intelligence redefines mobility and connectivity, contributing to a more convenient and safer society.”
5. OSY Group
OSY Group, whose flagship technology increases the shelf-life of food produce and reduces waste, has bagged £750,000 from investors to support its roll-out across the UK and internationally.
The funding boost will accelerate its commercialisation of Xtend, an antimicrobial packaging coating which enables a range of food types, including fruit and vegetables, to stay fresh in their packaging for longer.
It will also enable OSY Group to expand its team, who are based at the Manchester International Office Centre near Manchester Airport.
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