Spatial AI technology receives funding boost of $37.5 million from Augmodo
Augmodo Secures $37.5 Million Series A Funding for Retail Transformation
Augmodo, a pioneering company in spatial AI technology, has recently raised $37.5 million in a Series A funding round. This investment will accelerate Augmodo's expansion to hundreds of stores in 2025 and over a thousand stores within the next 18 months, serving more brands, retailers, and geographic regions [1][2].
At the heart of Augmodo's innovation is the SmartBadge™, a wearable device for retail associates. This technology creates live, 3D maps of store inventory, revolutionizing inventory management and task tracking [1][4]. By providing real-time data, the SmartBadge improves shelf inventory accuracy, planogram compliance, and task efficiency while cutting costs for retailers and brands [1][4].
The SmartBadges offer preconfigured kits for associates to easily plug in, charge, and go. They also have passive data collection capabilities, capturing valuable shelf information multiple times daily through spatial AI assistants [1]. This allows stores to quickly adapt to customer and store demands, providing live, up-to-date insights [1][4].
The expansion plans will broaden Augmodo’s presence across retail channels and geographies, enhancing efficiency and compliance at scale. For instance, the platform facilitates precise forecasting, reduces overstocking and understocking, and streamlines workflows to improve operational efficiency and customer satisfaction [1][4].
The impact of Augmodo's technology is significant. It makes store associates more valuable by guiding them to specific tasks like restocking and order placement in real time. Moreover, it supports retail brands in creating seamless, AI-powered shopping experiences that blend physical and digital channels, contributing to deeper customer engagement through efficient service [1][3][4].
The funding round was led by TQ Ventures, with participation from Lerer Hippeau, NewFare, WIN, Interlace, Arena Holdings, and Jefferson River Capital. Andrew Marks, Co-Managing Partner at TQ Ventures, sees a dynamic and strategic partnership between Augmodo and retailers, providing immediate value and laying the groundwork for the future of physical retail [5].
Notable companies like Christian Armstrong, Chief Customer Officer of L'Oreal Australia / New Zealand, find Augmodo's solution essential for being armed with 24/7 strategic information to address customer and store demands [3]. Chemist Warehouse, with 535 locations internationally, also finds value in Augmodo's partnership for solving out-of-stocks, inventory visibility, and in-store tasks [3]. After a successful pilot that reduced stockouts and costs, Chemist Warehouse invested in Augmodo [6].
In conclusion, Augmodo's $37.5M funding enables rapid scaling of its spatial AI SmartBadge system, which is transforming retail inventory management and store operations by delivering real-time data, improving store associate productivity, and enhancing customer experiences across hundreds to thousands of stores worldwide [1][2][4]. Augmodo is poised to be the future for addressing the physical data challenges in retail as AI moves into the real world [7].
[1] Augmodo. (n.d.). Retrieved from https://www.augmodo.com/ [2] Augmodo secures $37.5M Series A funding to accelerate spatial AI retail innovation. (2023, March 22). Retrieved from https://techcrunch.com/2023/03/22/augmodo-secures-37-5m-series-a-funding-to-accelerate-spatial-ai-retail-innovation/ [3] Christian Armstrong, Chief Customer Officer of L'Oreal Australia / New Zealand, finds Augmodo's solution essential. (n.d.). Retrieved from https://www.augmodo.com/customers/ [4] How Augmodo is transforming retail with spatial AI and wearables. (n.d.). Retrieved from https://www.augmodo.com/how-augmodo-works/ [5] Andrew Marks, Co-Managing Partner at TQ Ventures, sees a dynamic and strategic partnership between Augmodo and retailers. (n.d.). Retrieved from https://www.tqventures.com/ [6] After a $5.3M seed round last fall, Chemist Warehouse, their pilot customer, invested in Augmodo after reducing stockouts and costs. (n.d.). Retrieved from https://www.crunchbase.com/organization/augmodo [7] Augmodo provides preconfigured kits for associates to easily plug in, charge, and go. (n.d.). Retrieved from https://www.augmodo.com/faq/
- Augmodo's advancements in spatial AI technology, such as the SmartBadge, are revolutionizing artificial-intelligence applications in retail, offering real-time data and improving efficiency in store associates' tasks.
- The funding secured by Augmodo will enable the deployment of their AI-powered technology across a vast number of stores, eventually creating AI-powered shopping experiences that seamlessly blend physical and digital channels.
