Funding Secured: Innovative Spatial Artificial Intelligence Technology Receives $37.5 Million Investment
In a significant move for the retail technology sector, Augmodo, a trailblazing company founded in 2023, has recently secured a $37.5 million Series A funding round. This round was led by TQ Ventures, with participation from existing investors Lerer Hippeau, NewFare, WIN, Interlace, and new investors Arena Holdings and Jefferson River Capital.
The funds will be utilised to accelerate the expansion of Augmodo's spatial AI technology, with plans to scale deployment to hundreds of stores worldwide in 2025, and over a thousand stores within 18 months.
At the heart of Augmodo's technology is the use of wearable SmartBadges. These innovative devices create live 3D maps of store inventory and provide real-time task tracking, enhancing efficiency and accuracy for retail associates. The SmartBadges assist with restocking, order placement, compliance, and reducing issues like stockouts, thereby improving the retailer, associate, and shopper experiences.
Augmodo's SpatialView analytics platform eliminates the need for endless staff travel and outdated information, making it a game-changer in the retail industry. The platform also eliminates the need for expensive and time-consuming hardware installations, as the process for SmartBadges takes under 20 minutes.
The company has already partnered with some of the largest consumer packaged goods companies and notable customers like Chemist Warehouse, which invested after successful pilot outcomes. Augmodo focuses on collaborating with both brands and retailers globally to grow its retail channels alongside geographic expansion.
Mark Finocchiaro, Managing Partner, CIO & Director at Chemist Warehouse, stated that the partnership with Augmodo is aimed at modernising the largest labour workforce in the world. Andrew Marks, Co-Managing Partner at TQ Ventures, highlighted that the partnership between TQ Ventures and Augmodo helps retailers and customers provide immediate value by solving out-of-stocks, inventory visibility, and in-store tasks.
After a successful $5.3M seed round last fall, Chemist Warehouse, their pilot customer, invested in Augmodo after reducing stockouts and costs. With 535 locations internationally, Chemist Warehouse is thrilled to partner with Augmodo.
Ross Finman, Founder and CEO at Augmodo, stated that the company aims to continue growing its technology across the world's most innovative retailers. Christian Armstrong, Chief Customer Officer of L'Oreal Australia / New Zealand, stated that Augmodo allows them to be armed with 24/7 strategic information, enabling them to be agile to customer and store demands.
TQ Ventures sees a massive opportunity for enterprise use cases with wearables in retail, particularly in addressing physical data challenges. Augmodo's Spatial AI assistants make store associates' roles more critical, allowing them to capture valuable shelf information multiple times daily. The SmartBadges are more frequent, less expensive, and easier to set up than robots.
In summary, Augmodo’s latest funding round supports its aggressive growth plans to expand spatial AI-powered inventory and workforce management technology into hundreds of stores worldwide, while partnering closely with major retailers and brands to modernise retail operations.
- The funds secured by Augmodo will be utilized to advance the implementation of their spatial AI technology, with an aim to scale it in hundreds of stores worldwide by 2025 and over a thousand stores within 18 months, transforming the business landscape of retail by leveraging artificial intelligence and technology.
- To boost efficiency and accuracy for retail associates, Augmodo's SmartBadges, a crucial component of their technology, create live 3D maps of store inventory and enable real-time task tracking, while their SpatialView analytics platform eliminates the need for staff travel and outdated information in the retail industry, making it possible for retailers and investors to focus on investing in areas like restocking, order placement, compliance, and reducing stockouts.
