NEW YORK--(BUSINESS WIRE)--RADAR, the technology platform that combines RFID and computer vision technology to track and precisely locate in-store inventory with 99% accuracy, today announced it has secured $30 million in Series A funding, bringing its total funding to date to $63 million. The round was led by returning investor Align Ventures, with participation from RX Ventures, which is the corporate venture capital fund of South American retailer Lojas Renner, and several other renowned retail investors. RADAR plans to use the new investment to expand its customer roster, accelerate its product development efforts, and hire top 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,” said Spencer Hewett, Founder and CEO of 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.”
RADAR’s AI-powered inventory-tracking platform empowers brand teams with the inventory knowledge they need to consistently elevate the in-store customer experience, ensuring store associates always know what product is available on-site and where it’s located. The solution drives efficiency and enables employees to serve customers more easily as well as replenish products on the sales floor and fulfill online orders that customers pick up in-store. In addition, the platform’s analytics help inform inventory decisions and ensure that brands are stocking the right products in the right locations at all times.
“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,” said 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 U.S. In addition, RADAR is currently piloting its platform with two other Fortune 500 retailers.
About RADAR
RADAR offers a proprietary hardware and software platform that uses RFID and computer vision to track and precisely locate in-store inventory in near real time with 99% accuracy, empowering store associates with the knowledge they need to provide a superior customer experience and enabling brand leaders to ensure each store has the right inventory in stock each day. Headquartered in New York, RADAR is backed by some of the biggest global retailers, including several Fortune 500 companies; leading funds such as Align Ventures, Y Combinator, Sound Ventures and Founders Fund; and the family offices behind Michael Kors and other leading brands.