Radar has closed its latest round of funding at $30 million, bringing the radio frequency identification technology company’s total funding to date to $63 million.
The AI-powered inventory-tracking solution provides inventory knowledge ensuring store associates always know what products are available on-site and where it is located for a better consumer experience, also providing analytics to help inform inventory decisions.
“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,” said Spencer Hewett, founder and chief executive officer of Radar.
Ben Bryce, managing partner at Align Ventures, the leading participant in Radar’s series A funding round, said Align Ventures is “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.”
Bryce further applauded Radar acknowledging the company’s “use of AI to 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. Radar’s affordable inventory-tracking technology has been proven to deliver a sales lift of up to 12 percent in stores and to virtually eliminate overstocks.
Other participants in Radar’s series A funding round include The Ferrante Group, Future Archives and Leeds Holding. Previous investors include Y Combinator, Founders Fund Pathfinder, Silas Chou’s Novel TMT Ventures, NTT DOCOMO, Beanstalk Ventures and Ashton Kutcher’s Sound Ventures.
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